Still no real buyer interest but nice to see Vmt's volume...

Still no real buyer interest but nice to see Vmt's volume weighted price up again today.

VWAP 40.75 yesterday 40.91 today.

A couple of folks tidying up their exit at the end of the day pulled the close down.

$31K changing hands so not much interest in selling

Will take a desperate seller to send it down.

What will a keen buyer do? You have to love the opportunities a thinly traded small cap will deliver.

Its good to know we are sitting on a cash pile that is growing as the sales grow and there is no likely hood of being diluted by a CR.

I read with interest the sad story of Sandfire Resources over the weekend. It's a bit of a cot case and a good example of a company run by independant directors who following good corporate governance practice, appointed a head hunter to find them a replacement MD.

They head hunter found a guy with years of experience with BHP and the board hired him. Why? Who knows he was a wooly eyed executive that BHP got rid of by Appointing him CFO of South 32 when they wanted to offload all those assets to the punters. I'm not sure if they were more interested in getting rid of the people or the operations. He ended up being human resources manager by the time the head hunters found him.

Not surprisingly the first thing he did was call a trading halt and announce an SPP to raise $200m at a 10% discount. I guess a good human resources manager would know when given the job way above his skill set that he would need a decent budget to hire people who might be able to chew the fat with him about what a Managing Director should do in the circumstances.

Apart from providing working capital the use of funds statement talked about repaying debt.

We are all on a learning curve so I have empathy with people who have a lack of understanding of things, but still get a smile out of some of the comments from people who jump in without understanding a few basics.
Regarding the capital raising one of the less brilliant minds on HC posed the question "Why would you borrow money to repay a debt"
Another,
"The reason they want the $200m is so they can buy back shares while they are so cheap"

Cheers its time for a sundowned I just heard the cork make that delightful sound.