His mate from Hydromet. If you look back at the announcement on 9th August, the amazing Dr mentions that Pipvide has over 25yrs experience acting as a CFO. Not once he mentions that he also works at Hydromet which I believe is a conflict of interest, isnt it?
Now the management is made up of friends and family who control almost 50 - 60% of QMN. Slowly the amazing Dr and others have been buying more shares on market.
My conspiracy theorist mind tells me that once they control close to 70%, the company interested in taking over has to buy close to 20% on market at this level and then make a ridiculous offer. Surely we will be given a good reason to support the offer by the amazing Dr and in any case once they have 90%+ support, it doesnt matter what the mom and dad share holders think, its pretty much a done deal. FIRB approval also seems to be pretty easy now a days.
A similar fate that IVA is going through but there is no recommendation from the management yet. QMN also go through another round of dilution with the top holder increasing the holding significantly which will tip the total holding for the friends and family higher than 80%.
Didnt the Dr facilitate Hydromet takeover?
Another small gold company I was made aware of was in a similar care taker mode (KMC) when they got taken over by a chinese company. In all cases, the sp could never break out of their ridiculously low levels. Someone always keeps dumping the shares to drop the SP levels.
Wonder if it is possible to get line item details on who is dumping the shares to keep SP at this level and we can investigate who they are supporting?
It will be very interesting IMHO.
BTW
QMN Price at posting:
1.6¢ Sentiment: None Disclosure: Held
