Extraordinary transaction this one, as I read it.
Last Wednesday, David Quinlivan took up his option to purchase 588,236 shares at 17 cents - the options were approved at the AGM on the 19th July. (see below).
3 key points, just as I fairly quickly look at this.
a/... I think for sure Mr Quinlivan was under no legal obligation to proceed with transaction - (in view of the SP on the 18th) He could have just taken the approach - thanks but no thanks.
b/...Why would he go with paying 17 cents last week, when the shares were 20% lower. This could be a man of great principle and integrity. Would many people proceed with such a deal ? Not me, no way.
c/.... David handed over the $100 grand last Wednesday. What a great endorsement for how the company is currently performing. What a man.
( Enterprise value of $70m and they say at current gold price $50m free cash PA. You have got to be kidding.)
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Ann: Change of Director's Interest Notice - D. Quinlivan, page-2
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