I am shocked that ASIC have allowed the last two placements to occur. To allow Pala to obtain a 19.9% stake in KAS and then add to number of shares in this placement is blatant robbery to those long-term shareholders. There was no need for this significant capital raise when the last one was done with the announcement of a share purchase plan. How can ASIC not question this especially when the whole board is filled with Pala or Lion representatives. There is no independence at board level especially as they were involved in the AMR merger agreement. The role that Lion Selection played with Robin Widdup and Mike Brooks to accept a merger with AMR was one of many dodgy things that have happened over the last 12 months. I would certainly steer clear of anything that Lion touched.
KAS Price at posting:
1.5¢ Sentiment: Hold Disclosure: Held
