The ASX Casino - Weekly Shell List, page-1501

Another thing to think about is the timeframe of which these shell companies do their DD and execute an acquisition.

Consider a shell that has $10 million in the bank vs one that has $1 million. Naturally, the one with much more cash in hand will take their sweet time and weigh in all their options as the directors will always think they can do better. Whereas the one with minimal cash will be looking to get things wrapped up faster as the major shareholders will be up the board's back quicker.

Most shell investors here will obviously look at faster gains to make a quick buck. Therefore, as some here have suggested, its probably a good idea to look at shells with $1-2 million on hand rather than more.

Take a look at AJC - MC of around $3 million with $1.9 million in the bank. New major holders Hoperidge and Verona Capital. New appointed Chairman from Argonaut since Xmas. Some of the top 10 shareholders have vast experience and success in the ASX investment sector (especially No 2).

I have confirmation from the new Chairman that they are looking at acquisitions outside the resource sector.