Yesterday I attended the A.G.M. of the WAM group of companies....

Yesterday I attended the A.G.M. of the WAM group of companies.

For those who are unaware, WAM companies are listed investment companies (LICs) & their business is to invest in other companies.

I have previously mentioned SMN to them & they were aware when the share price exploded from under 10 cents.

I had a discussion with the Chairman, Geoff Wilson & C.E.O., Chris Stott about the catalyst that should be the making of the company. That catalyst, of course, is the deal with Delta Airlines. A second catalyst would be the takeover of Anodyne which will give SMN a positive cash flow.

Chris said he would have another look at SMN as the company has progressed a long way since their last look.

Should WAM decide to invest in SMN, they usually buy about 5% of the company. That would mean they would be looking to buy in excess of 5.6 million shares.

I would imagine that would help the share price. Spending $8 to $10 million is not a major investment for them. Investments are usually spread over two or more of their companies. WAM Asset Management does the buying & spreads the shares over the different companies, depending on why the shares were bought & the size of the company.

The likely recipients of the shares would be WAM Capital (WAM), WAM Research (WAX) & WAM Microcap (WMI).