Here you go mate:Rumours have been circling on the streets of...

Here you go mate:

Rumours have been circling on the streets of Perth about mystery Australian Securities and Investments Commission raids involving lithium shooting star Wildcat Resources. And while a lot of the gossip that crosses the Nullarbor can lose its veracity along the way, this one has legs.Investigators from ASIC’s WA office executed warrants on properties linked to the lithium hopeful, according to two people with direct knowledge of the matter.Former Essendon footballer and Wildcat executive director Matthew Banks. Trevor CollensThe investigators are said to have seized various items of potential evidence including laptops, documents and phones. A spokesman for ASIC declined to say anything about it, citing policy around enforcement and investigations.ASIC investigations are no small thing, particularly ones that involve house raids and phones put in ziplock bags. But while it’s tempting to link this raid to the other big Perth business story of the moment, we understand it is unrelated to the brazen market raid on Wildcat Resources by Mineral Resources and lithium-loving Chris Ellison last year.MinRes took a 19.8 per cent stake in Wildcat in October last year for $158.7 million. The circumstances around the transaction were (characteristically) cosy: MinRes acquired its stake via private equity firm Resource Capital Funds and its controlled vehicle Global Advanced Metals.RCF is founded by James McClements, the MinRes chairman who has plonked himself in the departure lounge following his board’s investigation into Ellison.A month after MinRes’ arrival on the register, Wildcat director Alex Hewlett enjoyed an eye-watering $28.8 million windfall, approved by shareholders. This was an introductory fee for putting Wildcat with McClements’ RCF earlier that year.Anyway, the ASIC investigation is related to something else. Wildcat and its external PR firm stonewalled when asked about the raids. The company’s executive director is Matthew Banks, a former AFL journeyman for Essendon. There’s no indication Banks or his fellow directors are under investigation.After Wildcat’s share price more than tripled following the MinRes investment, Banks told this masthead he went on a Maldives surf trip with Seven Network host Hamish McLachlan. He also keeps in close touch with the game: Bomber greats Mark Harvey, Jobe Watson and Cale Hooker were reported to have backed Wildcat. So too North Melbourne legend Wayne Carey.Wildcat’s back trading at 30¢ (the pre-MinRes level). But it’s still a popular stock among retail mining holders. Certainly, no shortage of people who’d be interested in an investigation into the company.