I recently became aware of ASX.WFE and thought I would pop in and offer some thoughts. This is not advice, this is not a buy, sell or hold recommendation. I do not hold stock in the company and I do not wish to influence anyone's decisions, only provide some research.
Chairman Jason Brewer (previous history)
Continental Coal (now in liquidation/deslisted), and
Kaboko Mining (delisted)
Total Shares on Issue (including raise to Airguide)
2,406,284,609 SOI
16,666,667 0.3cps options
20,000,000 options 0.1cps options
200,000,000 (to be issued to Airguide) 2,627,951,276 total SOI
Fully diluted market cap at 1.6cps = $42,047,220
Recent Capital Raise
I note that Jason Brewer is active on social media, predominately Twitter.
Worth noting that substantial holders
Bilal Ahmad (172mil) and Sufian Ahmad (175mil) already held 347mil shares from presumably the first round of capital raising. A cost base of 0.1cps would be my estimate. Acquiring an additional 55mil via a discounted raising only represent 15% increase in their combined holdings. Their recent acquisition through the raise is being marketed heavily.
Registered Address of 62 Capital
62 Capital is run by Sufian Ahmad. At one stage, ASX.4CE share the same office as 62 Capital. Who could this be?
62 Capital registered office
4CE registered office
Company adviser Michael Langford, Airguide
My research into Michael Langford shows he is a promoter available for higher. Last year he promoted ASX.AGY and ASX.AVZ, this year he is promoting ASX.WFE. I have been research deals that Michael Langford has completed but unable to source much.
Michael claims that recent investors in the raise are under a 12 month escrow. This is a risk of being misleading, as he should have noted the 347mil held by Ahmad brothers from 0.1cps is not escrowed.
WFE Price at posting:
1.6¢ Sentiment: None Disclosure: Not Held
