ib daiwa sells shares, page-8

Lenz...
Yes someone or persons have purchased the IB Daiwa shares... remains to be seen who, and why... my money is on sydney Directors or associates of... until they report their position we can only speculate..

Yes Directors are underwriting the Rights Issue at 2c.... very noble of them... bet they had to turn away Goldman Sachs and Morgan Stanley.. lets not forget the last cash raising was done at 20c... so we have seen a 90% meltdown in shareholder value since then.. at one stage this company had AUD 6.5 million cash... and a very small manageable <200 million share float... coming out of GFC... cashed up with all those cheap assets around.. what an opportunity... Sadly these same Directors butchered that opportunity... now we have less than 2 million cash... no cash-flow... and a substantial dilution at 2c.. not to mention all the options and incentives.. Do these guy's really deserve incentives??

Same Directors have also paid themselves very very well to bring us to this current state of affairs.... basically what they are doing is taking the 20c placement cash from which they have paid themselves hundreds of thousands of dollars in fees etc. over the last few years... and are loading up on shares at 2c.... and they are also paying themselves an underwriting fee of 6%.... pure genius these boys at Arthur Daley Investments...

Guess its no coincidence these rights become officially listed on November 25th.... in time to be voted at the AGM on November 26th..