1 week after the company advised that "Non-Executive Chairman, Ian Elliot, and CEO & Managing Director, Neil Wiles, have agreed to participate in the placement" we finally get to see how many shares they are participating for... a paltry 2m shares ($40k).
It was a lousy bit of disclosure for not advising this on the day of placement and is typically of the 'sunny day' announcements that this company makes; only disclosing information when it is good (remember all those voluntary quarterly updates) and trying to hide it if it is bad. They wanted people to assume that because these two gentlemen were participating in the placement it was a good sign for the company. This would have been true if they took a good chunk of the placement, but as it is only 2m, we now know why they didn't disclose it.
The last purchase by a director was back at 30c (in the last SPP), and none have purchased on the way down in the last 2½ years. Surely if these directors had great faith in the share price, they would buy a lot more than 40k?
IMS Price at posting:
1.9¢ Sentiment: Hold Disclosure: Held
