hahaha well done ANZ!
ANZ became a substantial shareholder in Bisan Ltd after the fall of Opes Prime, with 4,548,309 shares, or 11.85% of the company.
Not that many noticed. Bisan was trading at 5¢ at the time, had a market capitalisation of just $2 million, and any investor who sank $1000 into Bisan a year earlier ended up with a holding worth a paltry $323 on April 7 this year — the day ANZ disclosed its holding.
Little wonder ANZ chose to sell, dumping 1.79 million shares on-market for 4.9¢ each on May 2.
More Bisan shares held by ANZ have gone at a similar price, Full Disclosure is told, but the ever-busy staff at ANZ Nominees are yet to file the paperwork. But, if only ANZ had held on for a little longer — Bisan just happens to own 5 million fully-paid shares and 27.2 million part-paid shares in oil explorer Eromanga Hydrocarbons, which has just struck black gold in Brazil.
Eromanga's share price soared 50% yesterday as the market digested the news, and Bisan closed the day at 12.5¢ on the back of Eromanga's rise, after reaching 14¢ at one stage.
Bisan's stake in Eromanga Hydrocarbons is coveted — the Melbourne-based oil explorer is thinly traded and tightly held by a loyal band of followers.
The company is run by former BHP Billiton executive Phil Galloway.
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