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re: someones accumulating This is brilliant...
He makes it sound like buying a pair of shoes - very buffet style. But, it shows, in his mind, IMP is a great investment, and undervalued.

Let me know what you think...

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Geoffrey Frederick Lord is putting his toe back into the resources game, this time stalking a company with 1 billion pieces of paper floating around.

His Belgravia group has emerged as a substantial shareholder in a show called Imperial One, a company whose shares fetch 1 cent and which is valued at $10 million.

He has bought 6 per cent of the register at less than 1 cent a share but it appears that followers of the Lord camp now own close to 200 million of the 1 billion shares.

"What intrigued me was that the company had a balance sheet made up of three items," says Lord. "It owns 45 million shares in Bemax, and Bemax is valued at about 40 cents, so that's roughly $17 million.

"They have an interest in another small asset, which is an offshore computer graphics thing.
"And thirdly, it has about $50 million of tax losses. On the liability side it has about $3.5 million in debt, " he says.

"So you take the assets minus the liabilities and you come up with net assets of about $13.5 million-plus.
"Imperial were selling at 0.8 cents, so you are buying $13.5 million tangible assets for say $8 million."

"Now, we wouldn't go there just for that, so there's a game plan that involves steps two, three and four.
"This is step one, we talked to the company about step two - the company's run by Bruce McLeod, a good bloke."

"And depending on what they want to do, steps three and four could follow."

"All we're doing is buying some assets at a discount with an idea of where we might want to go in the longer term." He likens it to an automatic telling machine that dispense more money than is inserted. "You wouldn't mind standing outside an automatic telling machine and putting $1 in and taking out $1.30 every time you put the dollar in," he says.

"In fact, if you could do that, you'd probably stand outside the ATM 24/7, and you'd probably employ some people to stand outside other ATMs."

He says the Imperial One investment is "an opportunistic play with a long idea in mind."

So what is the idea?
"I won't talk about that yet," says the man who owns 20 per cent of Triako Resources, a gold explorer.
The former Elders Resources chief still enjoys running his labyrinth of companies.

"I love doing these little things," he says. "If you get 'em wrong, you get 'em wrong. We're genuine about trying to create value for shareholders, including ourselves."