Ann: Becoming a substantial holder-VPC.AX, page-11

I know about Merchant!

They are not new.

They invested back in 2014 when this company was trading as International Coal Limited.

See this:

http://www.asx.com.au/asxpdf/20141014/pdf/42swn64294md20.pdf

They were then diluted out as a substantial holder post cap raising:

http://www.asx.com.au/asxpdf/20151117/pdf/4331h5v64sqzh8.pdf

To which they have obviously decided that want to be back in the Top 20.

The interesting part though is this.

Merchant Capital Markets are a big shadow player behind Velpic. Below is a quote from this website (https://www.businessnews.com.au/article/Forget-the-Valley-tech-firms-like-ASX)

The Velpic listing is via International Coal, which counts dealmaker Harry Karelis as one of its directors.

Mr Francis said International Coal had several attractions.

"It hadn't been several shells in a row, this was its first change."

"It has a tight shareholding and one of the major shareholders, the guys at Merchant Capital Markets, were behind the deal."

"It has some funds in the bank so it didn't have to do an initial raising to get the deal done."

"And I liked the people"


And the nail in the coffin:

I know that Merchant Funds Management are close with the Velpic secretary Piers Lewis:

http://www.asx.com.au/asxpdf/20160314/pdf/435tkg8rxd2409.pdf

The fact these guys want back in the Top 20 is very good given their shadow involvement with Velpic and their connections with the power brokers behind this company.