Ann: Fremantle Explorers Presentation, page-54

The selling that has been occurring (not depressing the sp so much as holding it in the 5s) has surprised me a little (given what we know of HGOs assets, prospects and timetable) so I investigated a little.
As many here would remember, from late 2020 to early 2021 HGO raised equity (at 3.1cps) to explore, drill, analyse and plan to get us to FID in June 2022 (including equipment maintenance and working capital). This included:
a. Placement Tranche 1 on 29/12/2020 of 76,209,676 shares
b. Placement Tranche 2 on 05/02/2021 of 185,080,646 shares
c. Rights Entitlement on 15/02/2021 of 90,090,541 shares
Total raised was $10.9M (and it is being well used!!).
Here is the 3 month chart, which shows trading on ASX in the time since the holding period of all of those shares (if they had been held since issue) would have exceeded 12 months, and hence been entitled to CGT discount of 50%.


On 05/02/2022 up to 185M shares may have been subject to CGT discount on a Cap gain of ~2cps.
On 15/02/2022 up to a further 90M shares may have been subject to CGT discount on a Cap gain of ~2cps.
Of course, many of those would have been sold earlier (at profit,).
Of course, many will still be being held for the longer term.
But many shares may have been earmarked for sale once the 12 month threshold was reached.
HGO is generally lightly traded and only about 20M seem to have changed hands on ASX since 5/2/22 (maybe similar on chiX - I don't have numbers).
So I expect that quite a few shares have been put up for sale for CGT discount reasons since 5 Feb this year, and in a market where few know of HGO, it is lightly traded, and many existing holders are overweight already, the sp gets held or depressed until this source of selling is exhausted.
I expect that it may persist for perhaps weeks or until HGO makes a positive announcement.
Will this be a last chance for a top-up (from overweight to ?obese - is that the technical term?)?
GLTH
PS FYI I did not resist the opportunity for another modest nibble myself a few days ago.