I've noticed that people are interested in the BMG-ASI court case. While following the case, I noticed recently tendered documents from ASI showed that ASI has:
- No money of its own - No bank account - No profit & loss statement or balance sheet - No other asset apart from its shares in BMG - Refused to supply information about where their original funds came from
Is ASI in fact just a shell?
Take a look at BMG's ASIC record. You will notice that Entr?e Gold (market cap approx. $350 mil) and Atlas Iron (market cap approx. $2.9 bil) are also shareholders of BMG.
Clearly there are other big fish behind BMG, not just ASI.
Moving on to something that is disturbing, the 6 million options to the CAP board. If they are so keen, I would be more impressed if they'd used the shares to revenue raise and keep the projects moving along, instead of making a grab at this stage. How many times have we seen this when penny companies look like they're going to hit the big time?
CAP Price at posting:
51.5¢ Sentiment: Hold Disclosure: Not Held