Bob, I've appreciated your enthusiasm for HAW - it generally...

Bob, I've appreciated your enthusiasm for HAW - it generally aligns with mine.

I claim no special insight into HAW's big HK holders other than I'm long based in S E Asia, do business here, and have lived in Hong Kong previously.

A while back we were trying to fathom the motives driving HAW's seemingly unorthodox behaviour, which many SH's viewed as very suspicious - as per the LCY saga.

On the other hand, if you take into account the mindset of ethnic Chinese family investors then HAW's actions can be viewed as very rational.

At HAW there's hard cash to be made from the gold mining, and there's Mt Bevan waiting in the bottom draw "for the grandchildren".

Except for one very persistent Aussie seller, effectively capping the SP at around 4c, the top holdings have been very stable. There was no evidence that Top holders were capping to acquire cheap - no apparent gaming.

Actions mean more than words - and it appears HAW are careful with working capital, they are discrete (putting it mildly), and do things according to their own sense of good timing.

Maybe it just feels weird, to have such a prudent "just quietly getting on with the job" speccy, on the ASX?

We've also seen SP gains having clearly not being a priority - and yes, a high SP only matters if you decide to exit, or management wish to raise equity or debt finance.

(In HK capital gains made overseas are tax free too - why do so many HNW individuals reside there?).

If HAW behaviors switch, pointing to a LCY style takeover, then we'll know the modus is changed - but at this point the red flag isn't there.

In fact, it's all going rather well...

Cold hard tangible profit cash from the gold mining has been banked - hugely more to come.

How this cash is utilised by HAW I'd say is flexible - they'll do their calcs - return of capital to SH's, re-investment, shrewd acquisitions, asset sales, Mt Bevan JVs, (or even a pump and exit), are all on the table, I'm sure.