"as with PanAust, this often happens with a large Asian shareholder who has different objectives than institutional or retail shareholders"
"We are finding a better shareholder solution so this doesn’t happen…. But we will get a transaction done now that there is a new board."
How do we interpret ?
My first read is that institutions and retailers want the shares to go up in value.
So who has a different objective? (to sell and take cash from script at new lows)
The clue is in the next part, where they are finding a better shareholder solution so this doesnt happen (again.)
ie, that they screen who they issue script to, and under what circumstances, escrow periods? etc.
So if we issue you a placement of shares, they are not for you to sell and drive the shares lower.
Now i dont know who it was. Maybe there is a clue there in regards to PanAust. Anyone know what that pertains to?
My split guess is that script has either been issued to local land owners. ? Or a body that represents them, and they want cashed. Did they pay for the script? did they subscribe? or was it given free or at a reduced price for equity in the project.
Hence sale at new lows, may not mean that they are selling at a loss, but at a profit.
Or if it is just a large Asian holder, who is prepared to take a significant loss to move their capital somewhere else more urgently.
Some clarity on the seller would restore some confidence.
IDC Price at posting:
3.1¢ Sentiment: Buy Disclosure: Held
