We had an excellent meeting this morning. Only a few of us there (nothing unusual about that) and formal business was dealt with quickly.
I met our new man Daniel and he did a very good presentation. Apart from filling in as a movie 'stunt double' for The Rock (this man is enormous), Dan is a very enthusiastic and passionate guy. He started with his mate Stefan? in 2013? and has been going gang busters ever since. You should see a list of their past and present clients. Wow!
IPO is hoping to be delivered around March and we were told to keep an eye on the website (obviously no announcements made to the ASX) and also our inbox and the old fashioned letter box.
Book build for the IPO already sounds thumpingly oversubscribed (Bevan said they could've raised more than triple) and you just wait until you hear who's possibly wading on to the register. Name's don't come any bigger than this guy and his endorsement alone, could almost be enough to single handedly make this explode.
Dan said they chose to 'back door' list through Jacka because of timing, a chain of circumstances and relationships that had developed over the years.
June options will be worthless (obviously).
I left the meeting with mixed feelings. I'm obviously still disappointed with how much I lost on Jacka but as a fellow shareholder said to me out on St Georges Tce, unfortunately this is the spec end of the market and risk is enormous. Huge gains are matched by equally huge losses. We can't have it both ways.
At least now we can completely close the chapter on Jacka. We're going to have a whole new board and a whole new business and who knows, if we buy aggressively during early trade and average down to the max, maybe....just maybe, we can still save our arses.
JKA Price at posting:
0.3¢ Sentiment: Buy Disclosure: Held
