just running my eye over ody

i was just running my eye over ODY this morning seeing i was up around 4:00am.

i was looking for a few companys with low shares issued & low market cap.

ODY number issued 58mm & market cap approx $1.8mm.

first couple of things that jumped off the page were:
Mr Ian Middlemas
Mr Mark Pearce

major shareholders:

Arredo Pty Ltd & Argonaut Limited.

other than it's share holding on MAE (which has decreased in value)it has little in the way of assets.

ODY are basically living from one quarter to the next by way of convertable note/finance facilities.

so here's my take..

i don't think the directors are particularly worried about the share price drifting lower (i'll come to the reason shortly).

what they desperately need are some decent prospects which can reignite the companys future.

making sure you can find the right ones can take for ever and a day.

as long as you don't rush into things, there's a good chance you'll find some fantastic assets.

guys like Middlemas & Pearce have some good contacts.

getting back to the share price.

Middlemas is associated with Arredo in which he is a director.

so what i'm sure you'll find in due course is a placement to sophisticated investors "Arredo & Argonaut".

the cheaper they can get them the better.

so whilst they don't actually have anything as yet, they'll just keep the company floating without putting to much money into it and let the share price do what it will do.

then when the time is right "placement to sophisticated investors" at a good price.

Middlemas & Co will pick up a truckload of shares at a rock bottom price.

as well as backing in some very very good prospects.

in terms of what assets they may back into the company.

at this point i'd say "Coal or Uranium" with slight chance of oil/gas.

having said all off the above i find this company rather interesting and good chance i'll put a toe in the water near term.

that's my 20cents worth.