Sale of a 22.6pc stake in Clean Teq Holdings (CLQ)?
Shareholders may well ask these (and other) questions at the Melbourne AGM on November 19.
Reviewing Wasabi Energy's full 2012-2013 accounts released on October 21, I note the following:
. Loss: $11.93m
. Current assets: $8.63m
. Current liabilities: $18.03m
. A qualified report from auditor, Deloitte.
And now, looking at Wasabi's September quarter statement filed on October 31, I note:
. Operating cash flow loss: $1.8m
. Cash: $55,000
As for share dealings, while one insto buys, another sells.
On July 15, Luxembourg-based Salida Accelerator Fund subscribed to a shortfall placement of 255m shares and 255m options at $0.008.
This capital injection of $2.04m would have comforted WAS bankers…and some shareholders .
However later, in the first two weeks of October, Blackrock Investment Management (UK) - once a staunch supporter of WAS and its Kalina Cycle technology - decided to sell big time.
It flooded the market with WAS scrip, mainly at $0.004.
But there's more.
According to documents filed with the ASX, on October 16 Blackrock quietly sold about 5m shares at $0.003c.
If Blackrock says it sold millions of shares at $0.003 on-market, why do the ASX trading stats for October 16 record a low of $0.005, a high of $0.006 and a close of $0.005.
Blackrock's $0.003 transactions were booked offshore, perhaps.
As if undaunted, some traders pumped WAS shares locally to a high of $0.012 on October 22.
Now, the shares have collapsed to $0.005.
At this price, WAS sometime savior, Salida Accelerator, is showing a book loss of 37.5%.
Many HC traders would be hurting more.
Still, there are now at least 26 buyers bidding for a total of 53.7m shares at $0.004.
And the current Barchart.com recommendation on WAS? - a sell, albeit at 67%.
WAS Price at posting:
0.5¢ Sentiment: None Disclosure: Not Held
