Article in today's West Australian about Bullseye Minerals, they are reported as able to raise $100m from the father of their female director (and $26 from a cap raise), and his associates, so they are swamped with cash. They have a 200k oz reserve, 30km from Red's Darlot mine. The newspaper says their cap raising values them at 26c a share, compared with Red's 4c offer. Also says that 72% of their shareholders have indicated they will not take up Red's offer.
As reported, it also says director Wu and his associates are trying to throw over the other 3 board members of Bullseye, with support from Wu's (chinese) shareholder friends. Wu holds about 10% of Bullseye, not sure how much his other friends hold. If I was a gambling man, I'd say it's more likely that Wu will be removed, and the other 3 directors carry on (it's a father and son team, who are real estate agents in Perth), especially now they appear to have funds of approximately $126m they could call on, and that's not a shabby amount for a small unlisted gold company with the reserves they have.
As I have said all along, baring something unusual happening, RED are wasting their time here, but good on them for trying, it was worth a long-shot.
Gw
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Last
43.0¢ |
Change
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Mkt cap ! $1.489B |
Open | High | Low | Value | Volume |
42.5¢ | 43.3¢ | 42.0¢ | $4.270M | 10.00M |
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7 | 342965 | 0.420 |
10 | 427646 | 0.415 |
17 | 344125 | 0.410 |
4 | 256202 | 0.405 |
Price($) | Vol. | No. |
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0.430 | 210324 | 5 |
0.435 | 845663 | 13 |
0.440 | 374397 | 9 |
0.445 | 341215 | 4 |
0.450 | 339138 | 4 |
Last trade - 16.10pm 04/06/2024 (20 minute delay) ? |
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Change
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Open | High | Low | Volume | ||
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Last updated 15.59pm 04/06/2024 ? |
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