A company must maintain an up to date share register at all times. It makes no sense that a company would publish a top 20 shareholder list that is 12 months old at the time of publication.
If you look back at all their annual reports you will see that the applicable date for the top 20 listing is within a month of publication. This makes sense. It makes no sense that the "applicable date" on all their financial reports are wrong except the 2022 report !
The correct applicable date for the top 20 listing in the 2022 accounts is March 2023. Newvest held these shares as at March 2023. His bio in the 249d notice states that he was until recently, a long term holder.
Newings website discloses holdings he had/has within 2 vehicles - a superannuation fund and a discretionary trust. He discloses that he sold out his trust holdings in PET - these would have been what he reported as selling out in Sept 2022. And this is not "recently".
If he's so good at what he does, why didn't he sell out his private company holdings at that time also, when the share price was 8c ?
Perhaps he sold them during March or April 2023 when the share price hovered between 3 and 6c ? Perhaps he sold them, like many others on 28th July 2023 when the share price jumped 85% to 2.4c ?
On 28th July the half year financial accounts would have been finalised in order to issue the quarterly cashflow report. The cashflow report, along with the attached announcement was relatively upbeat - very low cash outflows & $10mil in the bank. The announcement only gave a small warning at the very end, mentioning the problem with cashflow and the need to turn things around quickly. Seems many investors skimmed over this bit.
However, there was no indication given in the announcement that within 2 weeks the board would meet to conclude that the company was no longer a going concern and that the best interests of shareholders would be served by winding the company up. Astounding !! IMO they would have/should have reached this conclusion at the time of issuing the quarterly report.
During the last 9 days of the companys trading life, over 23 million shares were traded - a huge jump. To me it appears that the June Quarterly cashflow and report provided the means for those that could see what was coming to get out at a higher price than what the share had been trading at in the preceeding 2 months. This is just my opinion.
Seems some of us are lucky, some are unlucky and some just have good mates.
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