WBE

0.00%

0.6¢ whitebark energy ltd

my thoughts too, invertedva!!as soon as I read the gge...

First 12 Last

Share
Profile

Follow
gebrown

115 Posts.

2

22/03/19

12:48

Post #: 37852126
Share

Originally posted by invertedva: ↑

Just realised how incestous this whole deal is. Just reinforces my view that this company is still run by a small club of insiders.

Guess who the Chairman of GGE is?
Craig Burton. Former Chairman of TSV (now, WBE).

Under his watch, we saw the demerger of TSV in TSV Australia (essentially the Warra asset at the time) and the creation of a new private company, TSVM, which took over the Canadian assets. These Canadian assets were acquired by Calima, and ex-TSV shareholders did quite well out of them. Only today, Calima just announced excellent flow rates.

But the disappointing thing about this was after the demerger, TSV were still in the middle of testing Warro. In this period, Craig Burton was selling his shares in TSV Australia, which caused the shareprice to plummet. Many shareholders were outraged that someone who had drawn a handy little pay packet TSV for many years was selling 10s of millions of shares in the middle of a critical drilling project. Check the TSV announcement from early 2016 if you don't believe me. Anyway, the rest is history, Warro floundered and TSV became WBE.

Now we have GGE getting shares in WBE, which Burton is Chairman of. Craig Ian Burton owns 23.14% of GGE so will get a nice chunk of WBE shares from this deal.

That's not it. There's more!

Below are a list of the other directors of GGE. Many current WBE and ex-TSV names.

Charles Morgan is the current chairman of WBE. He holds 158 million GGE shares. Which means he will be getting another 78 million WBE shares as part of this deal. Conflict of interest anyone?

Keenihan is ex-MD of TSV, and current director of WBE and director of GGE until recently. He resigned from the GGE board two weeks ago. As a shareholder in GGE he will be getting shares in WBE (around 2 million).

All a little murky you'd have to say... especially when we are asking ourselves whether we are selling our equity at a fair price given the success at Wizard Lake. Were other sources of finance investigated? Or was this just a convenient deal drawn up between a group of old mates?
Also, no mention of any of these potential conflicts of interest in announcements of either company.

Mr Craig Burton – Non-Executive Chairman (appointed 5 March 2019)Mr Charles Morgan – Executive Chairman (resigned 5 March 2019)Mr Mark Freeman - Managing Director & Company SecretaryMr Allan Boss – Executive Director (resigned 5 March 2019)Mr Stephen Keenihan – Non-Executive Director (resigned 5 March 2019)Mr Chris Bath - Non-Executive Director (appointed 5 March 2019)

Expand

my thoughts too, invertedva!!
as soon as I read the gge announcement and saw burton as chairman, I thought "hhmmmmmm"!!!
it will be interesting to see how this all pans out, given the inquisitive nature of our fellow hot copperites!!
fire up boys!!!

WBE Price at posting: 0.4¢ Sentiment: Hold Disclosure: Held
1 Upvote

0 Great analysis

Reply

Top Stories

WC8

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

ACW

This biotech stock raised $11M in a risk-off environment. Its Alzheimer's drug could change the game

MIN

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

History-making uranium sample grades and an imminent drill run. Infini Resources is poised to transform in 2025

Optimising your equity market strategy: Tips for investors

There are more pages in this discussion • 10 more messages in this thread...

First 12 Last

Add WBE (ASX) to my watchlist

(20min delay)
Last 0.6¢		Change 0.000(0.00%)		Mkt cap ! $2.523M

Open	High	Low	Value	Volume
0.0¢	0.0¢	0.0¢	$0	0

Buyers (Bids)

No.	Vol.	Price($)
4	491799	0.6¢

Sellers (Offers)

Price($)	Vol.	No.
0.7¢	149998	1

View Market Depth

No.	Vol.	Price($)
1	125000	0.008
3	522038	0.007
4	976334	0.006
3	599995	0.005
1	500000	0.004

Price($)	Vol.	No.
0.010	622667	3
0.011	779001	2
0.012	618018	2
0.013	1283370	5
0.014	363284	1

Last trade - 15.00pm 25/11/2024 (20 minute delay)

WBE (ASX) Chart

Day chart unavailable

my thoughts too, invertedva!!as soon as I read the gge...

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

This biotech stock raised $11M in a risk-off environment. Its Alzheimer's drug could change the game

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

History-making uranium sample grades and an imminent drill run. Infini Resources is poised to transform in 2025

Optimising your equity market strategy: Tips for investors

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

my thoughts too, invertedva!!as soon as I read the gge...

Top Stories

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

This biotech stock raised $11M in a risk-off environment. Its Alzheimer's drug could change the game

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

History-making uranium sample grades and an imminent drill run. Infini Resources is poised to transform in 2025

Optimising your equity market strategy: Tips for investors

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News