It seems that 22 year old, Ashley Howard has acquired 6.33% of the company for only $3,680.98. Can you believe his good fortune?
Yes, $3,680.98 and it also seems that he will have the option to purchase another 6.33% of the company for another $3,680.98 assuming he was not allocated more shares on the recent 210 million share placement at 0.0001 cents bringing his total of at least 72 million shares (12.66%) at a total cost of under $7,500. What a deal?
It would be interesting to know whether Mr Ashley Howard was allocated more originally and subsequently sold some on market before the announcement of the company that he had acquired 36,809,788 shares.
At the current share price of 1.4 cents he stands to make profits of of over 10,000% if he were to sell some shares. Yes 10,000%. Not a bad return for a 22 year old with all the experience he brings to the Board. At 22 years of age, he brings many years experience in equities and derivatives and also a 1 year stint as a foreign exchange and futures trader in London. Wow!
What's really going on here?
Why would the current company directors dilute their own personal holdings to such an extent? At 0.0001 cent share placement where are all the investors that have become substantial shareholders (form 603) or in fact have increased their holdings (form 604)?
Share traders/investors should take note of the current company structure in my opinion and take into account the information above before contemplating an investment or trade.
Why am I making a big deal about MUI? Because these micro caps fly under ASX and ASIC radar and I feel compelled to alert anyone that cares.
Good luck to traders.
:)
Nic
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