Chapmans defends crypto mining investment with 2775-word opus...

Chapmans defends crypto mining investment with 2775-word opus​

Chapmans chair Peter Dykes has defended the company’s latest capital raising in a 2775-word response to the ASX today.
ASX compliance authorities questioned the company’s latest $7.34 million raise, asking for more details on its broker CPS Capital Group and an investment in Canadian crypto miner GPU.One.
It set out an initial 18 questions to investor Chapmans (ASX:CHP).
In response, Mr Dykes set out the precise process of its due diligence on GPU.one, its funding arrangements and its fulfilment of the listing guidelines:
“CHP disagrees with the claim that it had stated that the funds were for a capital raising of up to $5 million to be used for ‘the stepped investment in Securrency and other current investments’. Mr Dykes contends that this is a misquotation and he did not make such a statement.”
He also vehemently denied involvement in a newspaper article about the crypto deal published before the announcement was made to the market.

“The inference made by the ASX, that CHP disclosed details of the proposed investment to the AFR on 26 March 2018 before it was released on MAP [the ASX’s Market Announcement Platform] is completely incorrect,” he said.
“CHP is still not aware of the source of the article and has not taken any further investigations to identify the source.”
Shares in the company remain suspended at 0.9c. The ASX has directed the company to refrain from issuing shares or options related to the capital raising until it is satisfied the company is within the rules.
Chapmans has walked back a proposed investment in Sucurrency, telling * that while they still like the company, they were mostly keen about getting an immediate return from a proposed — and now postponed — Canadian IPO in June.​