And also hoping the downward price pressure that has followed yesterday’s news might be partly attributed to an accumulation play ..
And hoping whoever scored shares at $1.50 the other day (09/09/22) was buying at a low and that the bouncy peaks since 2021 will keep their upwards vigour..….
And hoping you might make a real chart that confirms these things @Saragian, if you have time (or even one that does not ).
My logic is based on simple thinking;
I have read multiple stories citing Euroz Hartleys as IPO managers
.. and multiple stories talking about financial services managers from the Eastern states moving into WA by way of buying funds (WAM), poaching WA people (Cannacord from EZL) and generally going about setting up local offices to cash in on a boom time in WA that they obviously have full confidence in.
Here’ a recent story (August 24, 2022) story on another WA stockbroker that I am hoping (ever hopeful ) also sums up the EZL situation..
Argonaut executive chairman Eddie Rigg, far right, with managing director Greg Southee and long-time director Glen Colgan. Credit: Matt Jelonek/The West Australian
Booming Perth stockbroking and advisory firm Argonaut has no plans to join rival Euroz Hartleys on **promotion blocked** trading boards, but it would like the financial muscle to chase more deals in mining and exploration.
Argonaut executive chairman Eddie Rigg all but ruled out an ASX listing of the company on Wednesday after disclosing a bumper annual profit on the back of another busy year of deal-making that will return more than $9 million to its two dozen shareholders.
“It’s not where I want to be,” Mr Rigg said of a listing. “And I’m still the major shareholder with 28 per cent of the company.”
However, he “would love a bigger balance sheet” and sees hooking up with the right financial partner, one able to back Argonaut into more and bigger deals and enable it to build stronger and longer merchant bank-like investment relationships with clients, as “incredibly appealing”.
Argonaut actually agreed a sale of 20 per cent of the firm to an Asian investment fund, the Apollo Asia Opportunity Master Fund, in 2008, only for the deal to be unwound as the Global Financial Crisis hit.
Mr Rigg said this time round, it would still have to be the right partner, and he is in no rush.
“Argonaut does too well to do a transaction just for the sake of a doing a transaction,” he said.
And asked whether any partnership would involve a majority stake in Argonaut, Mr Rigg replied: “The idea of being over 55 and being an employee again is a bit challenging.”
Argonaut, which is celebrating its 20th anniversary, said net profit for the year to June 30 leapt 62 per cent to a record $16.7m on a 52 per cent jump in revenue to $50.1m, boosted by last year’s acquisition of Liam Twigger’s PCF Capital advisory business.
The result supported the payout of $9.1m in fully franked dividends, with Mr Rigg and Argonaut executive director Kevin Johnson, who own a combined 40 per cent of the firm, the principal beneficiaries.
Mr Rigg described the profit as “special”, saying it reflected Argonaut having “stuck to its knitting” by not deviating from its focus on advising and raising cash for mainly WA-based mid-tier mining and exploration stocks, including Centaurus Metals, De Grey Mining and Global Lithium.
The sector has boomed in the past two years, helped by the rise of battery metals and strong demand and prices for other mineral commodities including copper and iron ore.
“The last few years have been really, really good for us,” Mr Rigg said.
However, while he remains confident about Argonaut’s outlook, he cautioned that the equity-raising market had become “much more challenging”, noting that raisings were being pitched at bigger premiums to get support.
Mr Rigg said also Argonaut didn’t worry about losing business to the east coast advisory firms who had set up in Perth over the past year, saying the local firms’ experience of working through commodity cycles put them in good stead.
“We’ve lived through these cycles; they seem to come in at the top of the market and leave just as it is about to get good again.”
He conceded some clients were “attracted to the shiny toys (promised) by the east coast guys flying into the State (but) it’s just disappointing that they forget the loyalty we showed them in the tough years”.
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