ags and heathgate in u308 jv., page-13

The 11c bargain is being put in the hands of "sophisticated" investors (read boys club I guess). Loyal shareholders are to be largely locked out of the offer as a paltry one for five does not give them much of a boost. 20% of your holding at 11c doesn't compare favourably to getting 100% of your AGS holding at 11c.

If either Beverley four mile or Maldon were really a bonanza then an above market price may have been seen direct to a single major institutional investor. There would have been someone knocking on the door. 11c is below the market in AGS for around a month back and a give away if the goods were there at Beverley or Maldon.

The price of 11c says it all.

I wouldn't be surprised to see AGS drift down and languish at 11.5c for some time to come now. I hope so. The brokers mates will probably dump straight back on to the market and be happy with five or ten percent return on their short term outlay. I don't want the boys club to get too much out of this. I'm out for now. I may buy back in at 11.5c begrudgingly giving my hard earned to a brokers mate.