I remember a conversation with a broker friend of mine some time...

I remember a conversation with a broker friend of mine some time ago. I was asking about his thoughts on a new float I was thinking of putting in on. His words were, don't bother telling me what the resource is, what the grades are, or where it is. Tell me, who's behind it, what's their track record, how much stock do they hold personally and what price are they in at.

I'm not sure that's the basis that ASX or ASIC expect for a recommendation but it sure as hell beats some of the bull, a lot of brokers come out with.

Applying the same philosophy with Mr McCleary - track record Arafura, Top 20 holder, and presumably in at 1.5c after underwriting the rights issue short fall. Someone like Norm isn't going to be taking a position just to make a cent or two, i'm sure. Would he be looking at a 10x return over say 12-18 months ? If so, buying right now at 4c almost gives you a 4x return - that's good money in my book.