Back in March 2007, Avoca commenced A$125 million Capital Raising for the development of the Higginsville Gold Project and to fund on-going exploration. The Capital Raising comprises an underwritten share placement of A$70 million, issue of 5-year convertible bonds to raise A$40 million, project debt of A$10 million and a Share Purchase Plan to raise A$5 million. The equity issue is underwritten by global investment bank UBS AG.
Richard Brown - current CFO of PALA: Prior to joining Pala Investments AG, Richard was a Director in the Global Group Treasury Department at UBS AG. Richard was responsible for daily financial control and risk reporting for the Interest Rates Desk and Group Treasury’s global balance sheet reporting.
If you do the research there seems to be plenty of info around to suggest that UBS AG and PALA have a lot in common, and AVO comes into the equation a few times as well.
Not saying anything by this...however, I do wonder who is behind the UBS push.
mm
IGR Price at posting:
25.5¢ Sentiment: Hold Disclosure: Held
