Coastal Capital are a small smart US hedge fund. Please note they have no skin in the game! What I mean by this is they bought in cheaply during the debt re-organisation and made their many and some in the initial transaction so their holding in AEJ has been paid for several times over.
Maher was party with Bronte and new the Redbank assets well hence his involvement with Bronte to get it up and running again. I suspect he too made his money as did Bronte so their investment in AEJ is nothing.
Obviously it was all too hard to start up Redbank again but my concern is if they sell what they have bought will AEJ be out of pocket since they bought in other parties to the acquisition. Also what then is the next steps for AEJ? Winding Up? If so their will be little left for existing shareholders as they only had $2m in the bank no debt (if you exclude the purchase of the Redbank assets nets out against the lenders)
I believe this one is coming to and end!
AEJ Price at posting:
$8.00 Sentiment: Hold Disclosure: Held
