imp good news from the top, page-12

Here's the latest wise advice about IMP from "The Speculator" - David Hazelhurst from 9MSN.

NOTE how David has double his holding of IMP in the recent false drop in SP due to drongo Margin Loan seller, as i was advising in the top of this tread.

David H confirms also what "Top" was telling me this morning.

http://money.ninemsn.com.au/article.aspx?sectionid=2338&subsectionid=79751&id=597841

Imperial shares savaged

Our successful oil and gas hopeful Imperial Corporation (IMP.AX


IMPERIAL CORP18 July,200818/07/2008 12:30 Sydney, Australia.
Price Change % Change
0.015 +0 +0%

Company overview
Real-time quote
IMP.AX , 0.015, +0, +0%) had its shares savaged last week when various shareholders unconnected with the board or management had their shares sold after the ANZ appointed receivers over the assets of Primebroker on July 4.

The forced sale of Imperial shares seized on behalf of the bank to cover margin loans drove Imperial’s share price down from 1.5c to a week's low of 1.2c before recovering this week to 1.4c. At that price Imperial's 1650 million shares carry a market capitalisation of $23.1 million.

Imperial directors on March 9 pointed out that the company’s gas operations in the Appalachian basin of Pennsylvania, USA, were continuing as planned, with five new wells completed to come on production in the next few weeks. To date, the company has achieved a 100 percent success rate for the 25 holes drilled, with a further 40 locations still to be drilled.

In addition, they expected that Cristal Australia Pty Ltd's takeover of heavy minerals miner Bemax Resources Ltd would go unconditional this week, resulting in a payment to Imperial of $14.43 million within 30 days.

Imperial held 45.1 million Bemax shares (4.8 percent) for which Critsal (a subsidiary of National Titanium Dioxide Co Ltd) bid 32c a share.

Having originally bought 150,000 Imperial shares for the portfolio at 1.2c in March, I later took a profit on 100,000 when the shares went to 1.8c. In the recent massacre we took the opportunity to buy another 100,000 back at our original entry price of 1.2c.

Bought: 100,000 Imperial Corporation at 1.2c — $1230 (including brokerage from CMC Markets Stockbroking)