Ann: Becoming a substantial holder, page-3

Before everyone jumps down my throat, I'm not convinced this one is necessarily good news.

This was from an interview Andrew Chapman did on Chris Judd's podcast "Masters of the Market" about a couple of weeks ago (link below). At the 16 minute mark Andrew is very clearly talking about Frontier when he says he's just done a deal on a mining company with an EV trading well below cash.

If you listen on you will hear him talk about being an activist shareholder with his investment in Hills Limited. The alarming part comes when he starts talking about the way he went about things with his investment in 1-Page Limited (ASX: 1PG) which is delisted now. He bought into 1PG because of the cash on the balance sheet exceeding the EV of the company (same reason he claims to have invested in Frontier). After a meeting with the management where they did not convince him that there was a future for the company, he moved to liquidate the company and return capital and proceeds from assets to shareholders knowing that he had bought in when the EV was less than the cash on the balance sheet (mentions this at the 30 minute mark).

People aren't going to be happy with me saying this, but he says it himself in the interview, he doesn't know much about the resource sector and has bought into Frontier because the EV is less than the cash on the balance sheet.

https://omny.fm/shows/chris-judd-s-masters-of-the-market/andrew-chapman