Fact is MK sold his stake in IRL on the market at 2 cents/share months ago. He'll also lose all his IRL options in a few weeks time. He lost all his influence in IRL. So he bailed OUT. India Resources was originally his baby, in fact it was the 'baby thrown out with the bathwater' when Dick Carter and Rod Baxter took control of ConsMin. But that's another story. TTY is drowning in debt, and so it made sense for TTY to sell it's stake in IRL to Alexandra Resources. Alexandra Resources will also repay the IRL $1.5 m loan, of course without interest. Worth noting however, Andrew Simpson has bought a very large stake in IRL, infact he's top 14 shareholder, under Southern Silicon Pty Ltd.
Maybe he has more faith in IRL than TTY !! He'd obviously be in the know.
So, while all TTY shareholders are mostly losing money on TTY at 22 cents, our dear chairman has more than doubled his money already on IRL.
Andrew Simpson WAS one of Michael Kiernan's employees at ConsMin. But in answer to "Wonder if AS will be the next director for a MK company??" Impossible now.
TTY Price at posting:
22.5¢ Sentiment: Buy Disclosure: Held
