(and how good was the ground that scook flogged for those 600m shares - yet duo seem to think that a couple of tenement applications is worth the issue of 20 m shares, plus 10 m options)
A CLOSELY aligned group of three Australian Securities Exchange-listed miners acquired almost a dozen companies over three years exclusively from entities associated with Dean Scook -- their next door neighbour who has since been jailed.
Between May 2005 and July last year, Greater Pacific Gold, Yellow Rock Resources and Aurium Resources issued almost 600 million shares and 600 million options to Scook, his family members and a small group of associates in return for mining projects in Western Australia and the Northern Territory.
Scook was already a major shareholder of several of the companies when some of the deals occurred.
In the case of Greater Pacific's 2005 purchase of a 25 per cent stake in Australian Uranium, which was run by Scook and business partner Carol Hardie, the listed company did not disclose that Scook already held 15 per cent of its shares as a result of its earlier acquisition of Desert Resources.
While in October 2007, Aurium announced its acquisition of Haven Resources.
At the time, Scook's son-in-law, Paul Taylor, was on the board of Aurium and Scook was a director at Haven.
Under the Corporations Act and ASX listing rules, parents or offspring of a company director are classified as a "related party", with transactions involving such parties typically requiring a shareholder vote.
Approval is also required for transactions that involve a shareholder who controls 10 per cent of a company. Neither transaction went to a shareholder vote.
Scook's most recent deal occurred in July 2008 as he was serving a 14-month sentence inside WA's Hakea Prison as a result of a conviction for market manipulation.
Aurium had issued $760,000 worth of stock to Scook's private companies, which were being run by his daughter and son-in-law in his absence, in return for a stake in his Amitan Resources. That transaction has since been written down to zero value after Aurium's new board reviewed the purchase and decided the assets were worthless.
A search of Australian Securities & Investments Commission records shows that the acquired companies were often directed by Ms Hardie, Mr Taylor or Tim Leahy, another son-in-law.
All were based out of Scook's office at 70 Aberdeen St, Northbridge, at same stage prior to being acquired. Greater Pacific, Yellow Rock and Aurium, which were chaired by well-known Perth car dealer Denis McInerney, all operated from 68 Aberdeen Street next door.
Scook, who is out of prison but banned from acting as a company director for five years, has more recently been linked to the gold float, Dourado Resources.
That offer is on hold while the ASX investigates its links to the disgraced businessman, who was set to receive $6 million in shares and options for the sale of several tenements located on Aboriginal land.
Scook also turned up as a witness for Chameleon Mining in its court case against Murchison Metals last month. Chameleon is backed by Jeffrey Braysich, a former stockbroker who was convicted of trading offences alongside Scook in 2007.
Braysich escaped with a one-year suspended jail sentence.
Scook was unable to be contacted yesterday.
However, Mr McInerney said all the transactions had complied with the law.
Mr McInerney dismissed claims that Scook held any influence over the boards of the three listed companies.
"No. In fact it was the reverse. That was the perception so we moved out of our offices to (another location)," Mr McInerney said.
"Rarely was he involved in the deals himself. It would be his son-in-law or Carol Hardie's son."
Asked why so many businesses were acquired from Scook and his related entities, he said: "He had the tenements, that's why."
Mr McInerney is no longer a director of Greater Pacific, Yellow Rock Resources and Aurium Resources.
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