Ann: Successful Placement - SBC Global Investment, page-15

I’ve got to admit this has been disappointing. They wanted > $900k from this raise using SBC facility (who in turn pay west wits by selling the same wwi shares on market- don’t ask me how it works as best leave it to the board to explain).

we had so low volumes that they were only able to dump $300k worth (hence that’s what is announced) & was one of the reasons we’re seeing this consistent supply at 1.5 onwards.

hope wwi can get $ from IDC in the next month/two max or will see further dilution with SBC facility who’l prop again dump on market.

as good as the project potential is, management’s history in wwi at least has been …less said the better.

I have > 450k here, know of at least 4-5 others who have similar or more $ riding on wwi. Yeah yeah spec end greed & not great % of portfolio allotment etc esp those who’ve not entered recently.

Simple que for the board & management, expect MQ & Simon who’ve both added their own $ to buy stock, Michael in particular got > $100k at 3c rights issue (which usually suggests long term expectations for sp will be lot higher than 3c, also wingfield added > $1m worth in aud in that rights issue & neither have sold since).

Our board holding % is terrible with < 5%. There are 9 board members, if they really believe we are worth multiples of current mcap & the remaining 7 can’t put $100k of their own $ to buy stake in west wits (don’t give me the blackout period rubbish, they don’t last 3 yrs!), I can see why they struggle to sell it to other investors.

As much as I believe real value is a lot higher, wouldn’t surprise me if most like myself are happy to exit at less.

$ raised for EMI - failed
$ raised in name of drilling - which they didn’t do
$ raised for U resource - couple holes drilled n pause

Yes there have been lots of good done as well.
EA, MR, TT, DFS all good but not once did many holders feel they really want to mine. Maybe IDC $ will change that sentiment & we do eventually see a mine with long term revenue for holders. But just the way last few yrs have gone, its easy to believe they’d rather sell the asset & are waiting for boxes ticked/better timing/price etc & till then its a plethora of carrots used to keep the $ coming & lights on.

Still bullish with potential but geez we’ve got ppl selling the story with little skin in the game.