I think what has turned into a farce has gone on long enough. I strongly supported this new BOD and had faith they could turn things around. I know the old BOD had to go. Corruption was rife, and the business was about to completely dissolve. However, I feel we are now going down the same track, but in a new way. Firstly, I want to declare that I am a major stockholder in OVT, so this saddens me even more with the paper losses I am currently showing.
There has been discussion on other threads about the stock movement: who is buying, who is selling, is it Finran, is it others? Below will show you quite clearly who has sold. Why they sold, I can only speculate, but read for yourselves, and I think you can come up with the conclusions. Everything I have written below is all in the public domain. You can easily find it for yourselves if you want to double-check.
Major Shareholders
1) Beyaz Holdings
Prior to relisting: Held 50,000,000 (bought shares on one of the 0.01 CRs)
Sold entire shareholding prior to 18th July
Beyaz Holdings has Joshua Quinn as a Director. This is the same Joshua Quinn who came on the OVT board as a non-executive director in December 2023.
I am not putting any meaning into this, but the question would have to be why you would purchase 50M shares in a company you have a seat on the board of (Obviously that means you are confident in the company) and yet, within a little over two months of relisting, you sell the entire shareholding. Did he do it for a quick profit? Did he do it because he had some knowledge of the condition of the business? These are just questions. I have no idea the reason why he sold out.
2) TAC Professional Services Pty Ltd
Prior to relisting: Held 43,750,000 (bought shares on one of the 0.01 CRs)
Sold entire shareholding prior to 18th July
TAC Professional Services Pty Ltd is run by Terence Clee - TAC is the initials of his name. As we all know, Clee is the main person for all the Capital raises for OVT. He is also a consultant for OVT.
So, again, the same question. Why would you purchase over 43M shares in a company you have a very close connection to, and yet, within a little over two months of relisting, you sell the entire shareholding? Again, was this for a quick profit or because of his closeness to the company, did he have some sort of knowledge of the condition of the company and hence sold out? Again, all speculation as I do not have the answers. Just something to think about
3) 006 Capital Pty Ltd
Prior to relisting: Held 43,750,000 (bought shares on one of the 0.01 CRs)
You are going to need to read this one carefully.
006 Capital Pty Ltd has Lachlan Dykes as its director. He is the son of Peter Dykes. This is the same Peter Dykes who, since 2022, is in court against ASIC with 22 charges against him and another director of a company called Capital Mining. The case has not yet been heard. It keeps getting adjourned, so obviously, the presumption of innocence is always there. I will say that under Capital Mining, there was also another director - Anthony Dunlop. Yes, the same Anthony Dunlop who was involved with IOU. Also both Dykes & Dunlop were directors of a venture capital firm - Chapmans - who oversaw the payment of almost $2 million in consultancy fees and other payments to Chapmans, which is also listed on the ASX. Not saying there is any wrong doing there, but does this not look familiar?
Lachlan Dykes works for Clee Capital and, under that, is involved with OVT.
The shares held under 006 Capital Pty Ltd, as best to my knowledge, were then transferred to a holder named Peter James Dykes - (yes that is the Peter Dykes I have just mentioned previously) - some time prior to the 18th July.
As of the 18th July, Peter James Dykes held 50,000,000 shares. As of the 23rd of July, Peter James Dykes now holds 0.
The last piece of this part is Peter Dykes works for OVT in Malaysia as a consultant.
Now add up the total of those shares alone, and it comes to 143,750,000 shares sold. You want to know who sold them and why the share price has tanked? The above may have something to do with it.
So the 3 biggest sellers of stock since relisting are
Beyaz Holdings - Joshua Quinn connection who serves as a non executive director on the board of OVT
TAC Professional Services Pty Ltd - Terence Clee who also serves as a consultant to OVT and is there main funds raiser
Peter Dykes - Serves as a consultant to OVT
Some of you are probably asking about Finran. As of the 23rd July, Finran's stock holding has not changed from what they held prior to relisting.
Now we have some questions to ponder and some possible scenarios. I am not saying any of these may come true, or saying people will do this, but it will be interesting to see what actually happens.
We now have another CR at 0.004, 300M shares. What if the same people as above come back into OVT at this new lower price? They would at least double or triple their holdings for the same price they paid previously, or possibly even less. This would also give them a commanding share vote on anything to do with the company moving forward. Selling all their shares and the subsequent drop in the SP to this level now gives a very cheap entry point. And don't forget, as being part of the Board and consultants, they have first hand knowledge in regards to business conditions and what direction the company is going. Again, this is pure conjecture on my part. I am not accusing these people of anything, but it certainly makes you stop and think.
In the meantime, you then have the BOD. What are they doing? Are they aware of who has sold down their shares to drive us to such a low valuation? What are they doing to actually turn the business around?
And what of our valuation now? $6.2 million. The book asset value of IDSB is $14M. Add iSentric and some possible insurance claims, etc., and we have somewhere between $25M to $30M AUD in assets. Now, at $6.2M, if someone came in and made a low-ball offer to take it private, could this be on the cards?
It really makes you wonder why 3 people would sell all their shares with the subsequent affect of destroying the SP and MC of a company they all are involved in? Have a think about that and come to your own conclusions.
In regards to the stocks being bought and sold and those people associated with those companies, that is facts. Everything else I have written are just fantasy ideas worth considering. As we move forward we will see if fantasy becomes a reality.
If it does become reality, then we need to start taking action.
(20min delay)