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10.5¢ lindian resources limited

Ann: Ceasing to be a substantial holder, page-29

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Alexandria07

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19/06/20

07:21

Post #: 45314007
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Originally posted by ddzx ↑

Ven Capital is not ASIMWE KABUNGA (LIN Chairman & resident of Austrralia)

Ven Capital is CUTHBERT KABUNGA (resident of Tanzania), who appears to own 1000 shares in Ven Capital and STEVE MAHEDE (resident of Australia), who appears to own 1 share in Ven Capital

it appears under section 50AAA of the Corporations Act, another person is only an "associate" when there is a controlling influence. Therefore, it appears ASIMWE and CUTHBERT are not associates under the Corporations Act

LIN acquired the bauxite option on 10 April 2019, from GUINEA BAUXITE PTY LTD, sole shareholder ASIMWE MATUNGWA HERMAN KABUNGA (as disclosed on the ASX), with follow up announcements on 8/5/19, 14/6/19, 8/7/19 until acquisition on 16/7/19

on 24/07/19 a capital raising was announced of 68,750,000 shares at 1.6 cents, where Director Asimwe Kabunga bought an additional $200,000 or 12,500,000 shares

Ven Capital registered on 26/07/2019

therefore, it appears Ven Capital was a major subscriber to the 1.6 cent capital raising and also probably bought shares on market, given the volume of shares from 26/07/19 was solid

on 06/08/2019, Ven Capital announced it became a substantial shareholder of 42,386,692 shares. imo, it was sloppy of them to not fill out their form with specific details of their purchases

therefore, the impression is Ven Capital was a major funder of the LIN drilling program at 1.6 cents and their sale of at least 13,567,000 shares at 3.45 cents average price was ordinary profit taking and mitigation of risk

unlike @crackpot, Ven Capital are not complaining because they managed their capital by profit taking

in other words, Ven Capital invested around $678,188 into LIN and they sold at least 32% of their shares for $468,909

IN CONCLUSION, THE ISSUE HERE IS IT LOOKS BAD TO THE PUBLIC & MARKET THAT WHAT APPEARS TO BE A FAMILY RELATIVE OF THE CHAIRMAN HAS LODGED A REQUIRED FORM FOUR MONTHS LATE

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Your detailed post this morning explains it all.

Well done mate.

Pity others did not research but quick to condem and down ramp.

LIN Price at posting: 1.2¢ Sentiment: Buy Disclosure: Held
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0 Great analysis

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Ann: Ceasing to be a substantial holder, page-29

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Ann: Ceasing to be a substantial holder, page-29

Top Stories

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