The announcement of the change in substantial holding from GMD raises several questions.
1. Of the 214,581,218 shares, only 89,670,777 come from DCN shareholders who said yes to GMD's offer, that's not a lot !
2. PERENNIAL (who knows why...?) sacrificed its 79,805,809 shares.
3. But not PARADICE 72,825,224 shares (December 21) and REGAL FUND 55,480,839 shares (February 22) Who knows what they intend to do with their shares ?
4. These two investment companies were surely seduced by the numerous reports and good news on the results of the drillings and the potential of DACIAN which the board promoted...
5. This same board which, a few months or weeks afterwards announces that DCN is no longer worth anything and that GMD is making us a "magnificent" offer at 10.2 cents against 32 cts a few weeks earlier. But we discover in this "incredible" offer that part of the management of DACIAN is hired by GENESIS, which could explain the enthusiasm of Richard and Co...!
6. It is time for ASIC to take the matter in hand and raise the failure of the board to respect the interests of DCN shareholders.
7. Maybe it's time to do a fair and reasonable assessment of the value of DCN by an independent and honest expert if there is one... The bad experience made with Ravensgate-Van Dieren-Strategic Minerals Corporation (sanctioned by the take over Panel without ASIC - Jackson-La Bouchardière-Longo do not react afterwards !) does not make me optimistic !
DCN Price at posting:
11.5¢ Sentiment: Hold Disclosure: Held
