Thanks Michael;
As I mentioned on twitter and HC on 16th after looking at heavy sell down on ADIA announcement.
"IGE: Top 20 Holds 296m Shares =75.57%register
Some from Top 20 must be Dumping hard since prev new on 31st Dec 2019.
Total over 45m Traded in #ASX plus yet toinclude volume went through Chi-X.
Clearly majors taking exit but should beover soon"
If folks dig down, It was pretty clear that major holder was selling through out Nov-Dec.
However, recent announcements provides lot of clarity over the dark clouds.
1# Charles McIntosh was the seller prior & after the announcements. Hence, he can't be blame for insider selling. Reason of selling yet to be known but he still holds lot more shares than all HC posters combined. ASX may ask why change in holding notice was submitted bit late. But such query do not create major issue as mostly they get away blaming company secretary forgot to send out or any other silly season (Not a big deal)
2#Directors did not sell any single shares lately. Instead they converted their oppies at 20c and injected needed short term capital in the company.
Vote of confidence.
However,
3# Management need to ensure that SGC fund reflects in bank account by end of January. Market may not like to see another excuse.
4# Main issue is the clarification on ADIA name to be used for recent funding. How Tangier managed to mislead GEP and how it did reflect through to IGP & its management. Why did not perform enough DD for funding and the source of funding. Proof will be asked for securing $300m funding via Tangier if its not ADIA. (This is the only major concerns once the suspension is lifted).
Cheers
