Thanks guys.Furniture, re the placement it seems that this is...

Thanks guys.

Furniture, re the placement it seems that this is common practice by these directors both here and at their other listed companies to make placements above the current SP. Going by their fees (tiny) and their length of service these guys are very old school in a good way. Some of the new shares will probably be issued below 1.3c, others actually above - for an average of 1.3cps. It means that there are investors out there who believe in the value of this company enough to back it in at a price above current SP. Good sign. Better still is the fact that these shares wont be offloaded for a quick profit as often happens with discounted share placements. The placement has previously been approved by meeting and a 3B announcing the issue of the shares will be lodged shortly.

Wayne, some of the news expected this year and fairly soon is the coal mining operation in Indonesia as well as the drilling for oil/gas in WA. Id expect in this market also to see some news about the proposed IPO of Brisbane Petroleum. As stated by the placement announcement, they are putting further funds into the coal exploration company in NSW, that is likely to be used to push forward on their work program. I would of course like to see them push ahead with their $250m IPO...

Some of the projects they have held for some time, others like the coal in Indonesia are relatively new.

The thing about LGO is because it is old school it tends to fly under the radar a bit. Undervalued in comparison to assets without even considering the potential, so i dont see a lot of downside. A few good announcements this year could see a fairly decent re-rating IMO. Friday's action was good but just the start.