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Sorry to bump in, but is it possible he has received the shares from 88 as severance for service? If so this would show in the company end of year, which would be roughly 11 months from now on the Aus fiscal year. Just a thought, call me a dullard if you wish....;-)
I am not debating him owning them (which is what you were suggesting), I am just wondering how he came to own them. The bit I am struggling with is compliance with ASX rules regards trading with inside information. Do you think he had no knowledge of price sensitive information at his time of leaving to become a consultant for the company, a number of weeks before the APDC deal and the tax credit deal. There is a big difference between an ex CEO buying $2.5M shares (which is what pokes has concluded) and them being gifted or part of a leaving package or both. I doubt he had $2.5 in cash sitting about, he’s done well out of 88e, but I doubt that well.
Likewise where did ELKO’s shares go?
Rabito79 14:03
Rab, the last thing I am doing is arguing against points you are not making.
You struggle to see how DW bought his shares in the open market. Which bit of the transaction are you struggling with?
He has them, his name is against them, he has lots & lots of them. Do we know if he acquired them on the Aussie or UK market?
Such a massive amount of stock didn’t just suddenly appear with his name alongside.
Are you thinking he has acquired them illegally?
Why does it matter?
Let’s agree to disagree about “poke stonks trainer”.
keefy
Keefy, you seem to be arguing against points I am not making. My point is simply I struggle to see how DW bought his shares in the open market for the reasons I stated.
Likewise I do not believe the increases in nominee account holdings represent these being held by 'sophisticated investors' These are two things Pokes has stated which are not facts.
More than happy for people to make money off investing in 88e, they are much more likely to do this if they understand facts and the fundamentals as Brom's fishing rod is testament to.
Hi Rab 14:03,
In response Rab, how have they got his name on if they are not his?
The inner mechanics of trading are certainly not my forte but, could someone else buy shares for another person & plop them in his or her broker portfolio?
Can that be done?
The fact is Rab we can see a doubling of DW’s shares since he left the company. We Can see that.
Ok, perhaps on the 'nominee accounts' represent 'sophisticated investors' issue, he is maybe adrift, but to be honest, it takes some understanding, as I show below :
The vast majority of individual shareholders in public companies hold their shares in nominee accounts, i.e. in accounts created by their stockbrokers to record their interest in the shares of companies. Does that mean that in law you are a member of the company with all of the rights and protections provided by Company Law (i.e. under the Companies Act 2006)? The simple answer is no!
Australian corporations law defines a sophisticated investor as an investor that can be offered securities without the need to provide them with the same product disclosure requirements that must be provided to retail investors. ... Issuing product disclosure information is a complex and time-consuming process.19 Apr 2021.
A sophisticated investor is a high-net-worth investor who is considered to have a depth of experience and market knowledge that makes them eligible for certain benefits and opportunities.
Can an LLC be a sophisticated investor?
This means that if you are the sole member of an LLC, and you are considered an accredited investor—i.e. you have a net worth of $1mm (excluding your primary residence), or consistent annual income of at least $200,000 (or combined income of $300,000 with your spouse)—then your LLC is considered an accredited investor.
But Hey Good Buddy, as long as we finish up filthy rich do we really give a ratz rse?
I'm fairly sure DW won't.
keefy
13:40
If DW receives performance shares then that will be clearly announced in line with ASIC (ASX) procedures.
if I remember correctly the hurdle price was 3c but there had to at least 50% growth so minimum 4.5c has to be achieved on a 60 day VWAP so we have some direction to move and maintain yet. :-)
Keefy, I am not disputing DW owns the shares. The question is how he got them. Brom rightly point out we don't know how he got them and I am pointing out that I think its unlikely he bought them in the open market given the likelihood he would have been in possession of price sensitive information.
Pokes trainer has stated that he bought them, which is not a fact. He also also stated the 'nominee accounts' represent 'sophisticated investors' which is also not a fact. Therefore my point was he isn't 'all fact' as you stated. Please note a lot of Pokes stuff is very good and in reality the OTC market largely don't care for facts anyway. Its highly sentiment driven as the run up to Merlin drilling showed.
Regards DW I think he is a great strategist and plays the markets well. With 88e the devil is always in the detail and we are yet to see a lot of the details. Indication in AGM slides are Harrier is this next stop which will be surprising if Merlin is a significant find.
Hi Rab79 10:54
If DW hasn’t bought the additional shares, why have they got his name on them? To me it is clear that he has either spent his own money, of which he isn’t short of a bob or two, to buy them, or he has been “gifted” them.
If I remember correctly, he was being paid in shares & also was on a performance-based contract …. But I think that was to kick in when SP got to 3p. Please correct me, if I have the wrong end of the stick on this one. It has been known.
The fact is, he (DW) has them in his possession, with his name on so they must be his. Fact?
Of course, he had inside info but for 5-6 years he has been at the helm & IMHO, still has a hand on the wheel.
He is a strategist & we should be deeply thankful for his nous & for getting us to where we sit today. With Great Expectation.
Would you not agree Rab?
I was merely suggesting that “poke stonks trainer” is doing a sterling job presenting the data available in a really visual & encouraging format & does take it to another level I believe.
Is he being any more speculative than many of us on this board?
Personally & being speculative & not taking the pizza here, I think we are sitting on a SUPER unknown/unmapped reservoir which is going to blow our socks off.
AS usual, GLA, keefy
additional;
https://clients3.weblink.com.au/pdf/88E/02373276.pdf
So any increase occurred after DW left.
11:39
All we know is that between the 23rd February,2021 (page 73 Ann Report) & 24th May, 2021 there was a substantial increase in Dave Wall's holding.
https://88energy.com/announcements/
We do not know for sure whether the 24th May is the current situation.
Under Australian Corporation Act any shareholders can request the company supply details of the current register if they so wish.
https://asic.gov.au/for-business/running-a-company/company-shareholders/
His holding doubled, how we don’t know. I would be very surprised if he could buy these on the open market immediately after leaving given the information he would have been in possession of. Not only that he is still engaged as a consultant.
Rabito - I thought DW doubled his holding after he departed as the MD. Is this not the case?
Just for info..
I checked with H&L, whom I invest with. My 88e shares are held in a nominee account.
Keefy, he has claimed DW bought the additional shares which seems highly unlikely given he most likely had inside information regards tax credits, test work, APDC deal. His comments regards ‘institutional holdings’ and ‘nominee accounts’ are clearly not fact but highly speculative.
Hi moda 09:33,
Great spot buddy.
I'm sure you will agree with me, this Kid is the King of Due Diligence (poke stonks trainer).
His presentation is Better than Awesome.
Hey & he is not just ramping, it is all Fact & no Fiction.
Good on Him.
Roll on Final Submissions
keefy GLA
https://mobile.twitter.com/harisrad88/status/1419927449106849815?s=21