Did some research on IFL yesterday. Appears they have very recently topped up their holding in EGS (Eastern Goldfields) to 50m shares. From memory they appear to have bought 15m and paid 15c and 10c per share. which is about $2m worth. If they held 35m shares in EGS previously then they probably paid about 35c per shr - which is $12m. Whether this is the main cause of their price drop I don't know but it doesn't bode well. Now - EGS has a flaky reputation and has raised another $30m to pay off debts - they seem to have form as a non-payer of debt. They paid off a few million in debt but still owe GR Engineering who has sued them for money owing on a contract to refurbish their processing plant. Still, on friday EGS reported that they have a new find rated at 9g/tonne of gold (usual good assay is 3g or 4g per tonne of ore). It is best to read the EGS annual report of 16th April. By the way EGS were suspended from the ASX on 16th Aug 2017 and re-instated 2 weeks ago on 17th April 2018. Go figure!
IFL Price at posting:
$9.02 Sentiment: Hold Disclosure: Held
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