Just read the AGM notice, and added up all the shares that were issued initially, and then through the life of the Bergen financing agreement to Bergen. In the last year, they were issued 103,846,907 ordinary shares!!! These were issued in December 2013, April and May 2014. I don't think the Annual Report (or any other publication) has given us this detail on timing or quantum of shares they were issued.
To me this is really quite important. As explained in my earlier post above, they have now, sold out of our top twenty (and perhaps completely). As of June they had 31m shares (see above). So, by then, they had already sold around 72m shares!
If not the only this surely MUST be the biggest single reason why the shares have performed so badly this year when on the face of all the operations have been developing positively. i.e. two lots of 3D, one very nice resource upgrade, etc etc.
Obviously we've got some key operation news upcoming soonish (AWE decision, Seychelles 3D interpretation) but, assuming developments in the positive, perhaps we can finally expect the shares to perform "normally" now this technical handbrake has, apparently, been removed.
QFY Price at posting:
0.8¢ Sentiment: Buy Disclosure: Held
