Who is selling at .7c????Under s671B(1) of the Corporations Act,...

Who is selling at .7c????

Under s671B(1) of the Corporations Act, a person must give an initial substantial holding notice to the listed entity and the market operator if they have a relevant interest in 5% or more of the listed entity. The substantial
holder is then obliged to give a notice if there is a movement of 1% in its substantial holding: s671B(2).

Company has issued 103,000,000 share to burgen, which comes to 6% relevant interest. But bergen, so for has not given any substantial holding notice to the company.

It means they are not substantial holder & selling their shares in the market.

Bergen received 25M shares free (9-5-12) and possibly sold for 1.1-1.2c ($300,000)

Received 33M shares @ .9c (8-6-12) and paid $300,000
Received 50M shares @ .6c (5-7-12) and paid $300,000

What should be their next target to receive the shares? May be @.5c??

They have so for consumed $600,000 out of $2,050,000 from the only first tranche and still have $1,450,00 to manipulate their trading drama.

Yes, they are smart and professional bunch of people. They give money not to help but take the full advantage and make money whether share price goes up or down, they dam care.

And on the other hand, our chairman is also highly experienced and professional accountant.

He has done a very successful deal with bergen and has secured directors fees and administration expenditure for at least one year.

At present the respected directors seem very satisfied, so why not the shareholders?

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