On their website http://www.indagoresources.com.au there is...

On their website http://www.indagoresources.com.au there is hardly any information, but on the startpage there is a short text about what they are going to do:

"Strategic Objectives

Indago?s board is implementing a new business plan for the Company as an ASX listed alternative investment company with a view to recreating and growing Shareholder wealth. The investment mandate is intended to be broad and the new Board has a wide discretion to determine what, how and when to invest (subject to the criteria outlined below).

The Board?s strategy is to provide Indago Shareholders with exposure to investments with the objective of delivering regular income and capital growth. Indago has a mandate to be an active investor in assets with the flexibility to allocate capital to the most attractive asset class in a given economic cycle and permitted investments include:

listed and unlisted securities;
convertible securities (including options);
bank deposits;
bills of exchange, promissory notes and other negotiable instruments;
debentures, unsecured notes, bonds and mortgages; and
units in cash and investment trusts.

Indago will focus on Return on Equity (ROE) with potential revenues from interest, dividends, fees and profit from realisation on asset sales."

Looks like they wanna invest rather than to buy, but maybe that's just fake - who knows.

When you flick through the ASX Announcements for 2011 you will find besides the announcements to their buyback programm here and there announcements that that they became an initial holder of... or announcements of change in substantial holdings.

Same in 2010.

Maybe they really buy what they see as a good investment, or they buy to build a huge company - so far who knows.

Strange anyway...

Please check again the infos I posted, maybe I understood something wrong, I am from the German w:o board. ;-)

Have a good night!