Burtbachah, thanks for your questions. Here are my answers (for anyone else to read also of course, though I know that many don't 'like' my posts, not that I care - there is a clearly preferred clique on this Forum and I've finally decided to ignore it).
(1) I actually couldn't care about the deal very much per se. I am in this stock to trade and while, yes, I am down on my 1,000,000 bought at 0.030, and slightly down on my 500,000 bought at 0.026, I see this as a great opportunity to buy more and average down because, in the ST this is a very tradeable stock, in the MT (1 year) this is likely to go to at least 0.040 once mining/processing proper starts, if not to 0.060 or 0.080 (I base this on the fact that ABU has previously been at 0.080 as an explorer only), and in the very long terms may well be at $1.00 or more. BTW, I have made over $6000 profit (c. 25% each) from ABU in the last couple of months from just 2 trades, and of course looking to make more.
(2) I trust the board of ABM Resources. I have personally met the Chairman (talked to him at length) other board members and Darren, and followed this company since before it became ABM Resources. I hold some stock from when it was Australasian Gold - as I've posted before, I bought at 22 cents 12-13 years ago, but I wrote that off mentally years ago so I still have it as an on-paper loss if I care to take it as a tax deduction some time, but I learned that lesson (and many others about trading), and I have recouped that "loss" many times over just with ABU alone in the last few years trading it. I make mistakes, learn, move on, but don't whinge. That's why I congratulated Askari a few weeks ago when s/he said that s/he took losses as learning experiences because that's all they are. I am of course empathetic about people who are looking at losses (only losses ATM if they sell though remember, and also remember rule #1 of the stock-market is to be unemotional). I've been there on big losses, believe me, and much much worse in this 'school of life'. Losing big money is nothing on losing loved ones, and losing houses in bush-fires.
(2) I have never commented on ABU growing 'organically'. I was aware that ABU was trying to 'do it alone' but in truth was rather sceptical of that approach because I know the power of getting more players involved. I have established and run my own businesses for over two decades and I know that what seems right at one point can change, and a new situation evolve that then seems better, sometimes quickly. I do know that leverage through M&A, and other forms of corporate inclusion, can be a very good thing, and bringing in expertise in areas where a company may not have it can boost a small company massively.
(3) I have had a quick scan of the PRC websites and I liked what I saw. I have been a company director myself (5 different companies) and have mixed with many from high-level accounting and consulting firms. I saw quality there in Pacific Road that I liked.
(4) Many others on this thread have put forward positive comments about the deal and a agree with them on those points without reiterating them. I cannot myself see any evidence to support people feeling 'duped and deceived'. Caveat emptor and all that, and in the world of business, yes, things change.
(5) I strongly believe in seeing the best in a situation, not the worst. I am not laughing at people per se (hell, I'm one of those people LOL!); I am laughing at the situation that some immediately see the bad side, and only the bad side, and of course that's a self-fulfilling prophesy in my experience (nothing worse than victim thinking IMO). Not only that, people venture into the stock-market, don't learn the 'rules' and then cry foul when something seemingly 'unfair' happens and they feel 'burned'. The stock-market is not a fair place, it is not set up to be fair, there is no concept of fairness in this business (except for ASIC rules of course). The stock-market is there purely for companies to raise equity to grow and make profits, etc. As share owners, we are of course entitled to a say on the second tranche, but only to the extent that we ourselves have equity. And that is fair.
(6) People are critical of the fact that 0.024 was chosen as the 'buy-in' SP. But they forget that this deal may have been put together months ago when the SP was at 0.022! And 0.024 seems a reasonable average to me of what the last few months of ABU SP has been.
Cheers, GW
PS Sorry to anyone I may have offended by my 'laughing'. It wasn't meant to be personal as I hope I've explained in my points above.
ABU Price at posting:
2.6¢ Sentiment: None Disclosure: Held
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