I am a commercially based supporter of the geos Carson and Levy, who were responsible for DMA's significant discovery, and I certainly want continuity there.
However financial management must be impeccable in a public company.
It seems that Tay and Oh controlled the 'financial' side of DMA and the 2 signatures on the DMA bank account. Tay and Oh would presumably have been in a position to transfer money from one account to the other.
The ability for Tay to sell down shares 'bought' BEFORE 23 Feb 2010 by Tay, such as AGO and POS and FAS, could easily have provided Tay with cash to purchase CDU, ARE and other shares, AFTER the 23 Feb 2010 Board meeting, particularly since Tay hid the the trading statements from the Board.
REDARMY goes to great lengths to talk about the shares purchased by Tay BEFORE 23 Feb 2010. What REDARMY does NOT talk about is the ones Tay bought AFTER the board resolution. Another attempt to confuse the forum!
Since the announcement I have done some additional research research suspecting other things.
I have discovered that a Wilkinson Resources Pty Ltd recently picked up a tenement 'lost' by DMA weeks earlier.
I then did a company search on Wilkinson Resources and this shows their registered address is: Level 6, 175 Maquarie St, Sydney,
namely DMA's Sydney office address for the last 2 years !
One of the Directors of Wilkinson is Mr Tay's very close friend Mu Po Zhu, the recipient of a very large amount of consultant options from Mr Tay and Mr Oh in arguably questionable circumstances. The other director holds the other share in Wilkinson beneficially !!
This may be become one of the many issues the board has hinted to after discovering Tay's 'gambling' on speculative shares.
It is my view that shareholders should consider writing letters to the Board asking for Mr Tay and Mr Oh's resignation as Directors. Isn't this something for ASIC to look into?
DMA Price at posting:
28.5¢ Sentiment: Buy Disclosure: Held
