thanks matchbox, to alerting watso to the gdaob's. there are 133m of them - and they are available for sale. all of the 133 m were free options , which were issued with the shares, which were placed at .75c, the shares price, plus the option price equates to a 100" return .
it would appear that gda, have a happy band of followers - and it is possible, that in the company's hour of need, that the happy band of followers found the money to convert the options - without being certain, but one wonders if the happy band of followers, previously got cheap shares (with options), sold out on any rally -
it is a good system really. it does not matter if the happy band of followers take up shares at 1c (with free options), and sell at 3c - because even if the shares go to 10c (just in case they find something) then the happy band of followers will get shares at 8c (probably with a free option) .
another pretty money spinner - is the loans to the company. from previous annnual reports, it seems that the unsecured loans, made to the company, carry an interest rate of 10% per annum -as well as a 10% placement fee. previous annual reports reveal, that it is the directors, that make the loans to the company. one wonders who receives the 10% placement fee (or whatever they call it) .
from what watso can work out, the company has from time to time, some unsecured loans (most likely from directors) - and a 10% fee is payable for finding the loan (and who gets that fee???) - as well as the 10% per annum. the company raises some money, repays the loan - but a bit further down the track, there needs to be more short term loans - ie another 10% spotters fee.
the directors do a sterling job and collect director fees, and consultancy fees, and office management fees. what a shame that the company did not have a managing director, who was a geologist - and that part of his income, was a reflection of his geological knowledge .
gda, seem to be run as a sideline to the accountancy practice of the md. one way or the other, the company keeps on pulling in the funds
the last few capital raisings (including the recent option conversion) - have done nothing more, than to keep the company "above water" one way or the other, the company will need to raise $2m . with 500m shares on issue, then the company will have to raise .5c per, existing, share. a one for 1 issue (with a free option) at .5c is on the cards.
GDA Price at posting:
0.9¢ Sentiment: Sell Disclosure: Not Held
