Loose hands look to be essentially non-existent. What an incredibly tight placement. Excellent job by board and management. It’s not easy making sure you are allocating to genuine bottom draw holders. I decided to give it a couple of days just to make sure before I commented and I must admit I also double checked the allocation date. Nice to see Farjoy likes what it sees and decided to take just over 10% of the placement to pop up above 5%. They are a very astute and well respected family office investor in the small cap space. It will be interesting to see in the coming days if Stuart Tonkin or Tim Goyder took more than an extra 1% after dilution to trigger a change of substantial.
New and current shareholders in the placement clearly realise 20% profit on this market cap and in a company now cashed up is not the end game when hunting for another Cadia East or Ridgeway.
WTM Price at posting:
12.0¢ Sentiment: Buy Disclosure: Held
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