I’ve also let Fairstar Resources go for a modest profit — bought at 12.6c on May 23 and sold at 15c. We bought into Fairstar on the strength of its paper bid for junior WA iron ore hopeful Great Western Resources and what might emerge from a rival cash bid from established iron ore producer Portman. A stalemate has emerged, in which Portman holds 19.9 percent of GWR and declines to go further while Fairstar sits with another 22.9 percent of GWR. Fairstar has also reported so far inconclusive results from its Murray basin hydrocarbon adventure in Victoria. Those woes may be short-lived and continuing shareholders may look for hope in the July 31 announcement that founding chairman Harold Paiker had resigned and replaced “effective immediately” by non-executive director Vaz Hovanessian. I’ve decided not to stick around.
FAS Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
