I see this as nothing more than an attempt for more director fees. Of course there will be "advisory services and fees" on top to help distribute the expenses.
Potash West is in the dumps (IPO price was 20cents and now its trading at 2.5cents) and they want to raise money for Davenport. Potash West has done absolutely nothing for the last 5 years except paying out director fees and empty promises.
Of StateOne who had a 22cents price target for Potash West only for a big dilutionary capital raising. Now they have a 87cents for Davenport.
In 5 years if Davenport is anything like Potash West, it will do nothing but pay out fees to the board, add in a few additional capital raisings, shareholders will have nothing. The board will be happy as their lifestyle of travel is maintained.
Ann: PWN shareholders offered priority allocation - Davenport IPO, page-4
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Last
1.3¢ |
Change
0.001(8.33%) |
Mkt cap ! $35.97M | |||
| Open | High | Low | Value | Volume |
| 1.2¢ | 1.3¢ | 1.2¢ | $81.53K | 6.691M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 2575711 | 1.2¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 1.3¢ | 3934167 | 7 |
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| PWN (ASX) Chart |