I can totally understand share holders angst, BUT an ASX listed entity is required to have 3 directors and up until the 12th of February, WFE had the minimum requirement. So as much as "we" are all targeting and laying blame solely at Brewers feet, there were another two directors that were holding the steering wheel and helping direct the ship (although Lloyd of London
IMO would have had little or no input)
Why are they not included in the barrage of emotion? Personally, I am not a Brewer fan, and I would suggest that the posts I have submitted on the WFE thread would attests to that.
In saying that though, it was more aimed at the management and their lack of adherence to abiding by ASX listing rules/ the Corporations Act and the Company's own Corporate Governance guidelines (which are set down by none other that the management that I am critical of)
I don't hide from the fact that my posts were not conducive to the common theme on these threads, ie: It would go against the grain of all the pro "Brewer" fans and there was a plethora of them, one by one they would come in a take shots but in general they wouldn't/couldn't offer a balanced counter argument, (there were a lot of one liners though)
One of my favourites is "you don't hold, why are you posting on a stock you don't hold?"
Read the Terms Of Use, it
does not stipulate that to comment on a stock you actually have to hold it.
I was asked to have a look at WFE's corporate setup, its financials, T20 holders, corporate governance, the placements and the cobalt (at the time, Canadian) thoughts on Airguide and Brewer, the placements and substantial holders.....
my step son, @nexusb was the person asking and only because he was in WFE (pre Brewer) and sold at a loss but was being "enticed" to buy back in by a frequent posting pro Brewer supporter (best and hardest working director on the ASX, Cobalt is the way of the future, Airguide have just bought heaps, blah blah)
3 hours later, I told him to walk away from it .....
The financials were in no mans land ...
Their adherence to listing rules was in tatters
The "flamboyant" director was a salesman - with a history of running companies that were not successful.
Airguide were announced as strategic advisors - not a fan of them either ....
Some of the Top 20 holders were appearing in numerous Brewer companies
Here then lays the problem:
This company was a shell, pure and simple....
It was "hyped" up, day traders made a killing on it (it is their MO, cashing in on a hyped up stock) and unfortunately, retail investors succumbed to it for what ever reason, and bought in. Chasing unicorns or making a difference between a decent pub lunch once a week or "toasties" at home because of the tight retirement budget, it doesn't matter. I am not suggesting that they didn't do their research, what I am suggesting, as unfortunate as it is, its the share market and it is at the bottom end of it as well, these things are to be expected.
Suggesting that "
others" are in serious trouble doesn't make sense to me, I know we all have a different risk appetite but investing 101 suggests affordability, what if it doesn't go to plan? and that should have a major influencing factor on whether to put it in WFE or Com Bank.
So yes I am sympathetic to the shareholders that were caught in the suspension, but suggesting that Brewer or the company INTENTIONALLY went out to "rip people off" is ludicrous.
Do you think that Airguide/ML would have invested $1m in WFE if they didn't think the end game was achievable?
Same said for Corbeaux Investments, or 1620 Capital with Boardman on the ground in the DRC.
The happy clappers all feel hard done by now! to the point they feel cheated, lied to and want to inflict bodily harm on Brewer! but they were also responsible for some/part/all of the hype and ramping that may have influenced mum and dad investors to hit the buy button.
This when the share price started going vertical.....
On an announcement of $3.1M funds via placements to "Advance Cobalt Acquisition Strategy"
https://www.asx.com.au/asxpdf/20180320/pdf/43sl5g055xnzf3.pdfThe funds will be utilised for DD on POTENTIAL Cobalt acquisitions in the DRC -
KEY WORD POTENTIAL = hype, they owned nothing yet the share price took off........
No one knows why the company have walked from the deal other than them saying that the response from the ASX was nearly identical to the one a year earlier - almost identical, means what exactly?
Although WFE were confident that they had all the boxes ticked, they choose to walk away from it, why?
Some things may never see the light of day, so we wait and hope that somehow this is something that can be salvaged from this, whether it is being an IO miner, sell the IO project - pay creditors and look else where but until there are announcements, then it is all pie in sky .....
cheers
