CAZ - Cazaly Resources

[barney]

An additional $2.15 million was raised via the sale of CAZ's 15 million shares in Equinox Resources to Kobala Investments Pty Ltd.

Good to get some cash in the coffers of course, but that sale of EQN shares looks a pretty severe discount to their current value?

EQN shares last traded at 25 cents ... That would give Caz's 15M shares a Gross value of $3,750,000 Caz accepted $2150 ish .

I see EQN are now in TH pending a cap raise .. That could mean their SP was possibly inflated by trading just prior (common in the Spec world, lol), but still it looks like CAZ sold their EQN shares cheap in my humble view? That extra $1M would have paid for a lot of drilling results!!

 

[barney]

but still it looks like CAZ sold their EQN shares cheap in my humble view? That extra $1M would have paid for a lot of drilling results!!

EQN out of Trading Halt today and currently up 58% Somebody at ASIC should be running their evil eye over the deal swung by CAZ management. CAZ stated in their Announcement yesterday that the Share sale of their EQN shares was "COMPELLING" (ie That implies a deal almost too good to be true?).

Compelling is a strong word to use given that the EQN shares they were compelled to sell yesterday at about $2,150,000 are worth close to $6,000,000 on the open market today!!

Looks suspiciously like insider trading to my ageing eyes. I wonder if anyone at ASIC will do their job. Either way I'm crapped off because I own CAZ shares and management now look pretty dodgy.

 

[greggles]

EQN out of Trading Halt today and currently up 58% Somebody at ASIC should be running their evil eye over the deal swung by CAZ management. CAZ stated in their Announcement yesterday that the Share sale of their EQN shares was "COMPELLING" (ie That implies a deal almost too good to be true?).

Compelling is a strong word to use given that the EQN shares they were compelled to sell yesterday at about $2,150,000 are worth close to $6,000,000 on the open market today!!

Looks suspiciously like insider trading to my ageing eyes. I wonder if anyone at ASIC will do their job. Either way I'm crapped off because I own CAZ shares and management now look pretty dodgy.

I didn't look too closely at this deal yesterday @barney, but like you I am very p!ssed off about it now I see what has transpired. Shareholders have been short changed by management here and we deserve an explanation. This is either an act of incompetence or something very dodgy is going on and management need to address it.

 

[frugal.rock]

It's weird that it's still in a trading halt.
Had thought TH's were only for 2 days, with an extra day by request, otherwise into a suspension it goes?

A 10,000,000 share trade is showing on the ChiX market today at $0.03 per share, despite it being in a trading halt. Hmmmm.

 

[barney]

Something very dodgy is going on here and management need to address it.

Specland is a den of iniquity at times as we all know.

Lets for the moment assume that CAZ management believed they were swinging a good deal by selling the EQN shares to Kobala Investments.

Before todays rise EQN's market cap was around $12-15M ... CAZ held around 15-18% of the Company = maybe around $2M in value (based on MC alone).

Either way, selling their EQN shares at a little over $2M could not possibly be conceived as "compelling" ... UNLESS CAZ management are inept at finance.

I'd say Tara French and the CAZ lads got their collective R-s's kicked by the Kobala team .... Whether or not Kobala had any Insider knowledge or input into what would transpire post TH with EQN shares, is up to ASIC to sort out.

Basically Tara French and whoever else involved on the Board, made a crap deal and should either resign or compensate the Company/Shareholders due to their ineptness. (Chances of that would be about 100-1, lol)

Personally, I think todays rise on EQN looks a bit overdone and wont be surprised to see a quick drop not too far down the track.

As you just mentioned @frugal.rock lone trade on CAZ ..... 10 million shares @ 3 cents for $300,000 on Chi-X ....weird goings on at the moment

 

[greggles]

I'd say Tara French and the CAZ lads got their collective R-s's kicked by the Kobala team .... Whether or not Kobala had any Insider knowledge or input into what would transpire post TH with EQN shares, is up to ASIC to sort out.

Type "Kobala Investments Pty Ltd" into Google and you will see that this private company has a lot of fingers in a lot of small cap pies. Does anyone know who is behind it? Something just doesn't smell right about this deal. I accept that it could be a huge coincidence, but it may also be the case that someone knew something that the market didn't know and has acted on that knowledge.

I won't point any fingers and I am not making any accusations against any person in particular, but I do think this transaction needs to be investigated further. However, I think that is unlikely to happen.

 

[barney]

but I do think this transaction needs to be investigated further. However, I think that is unlikely to happen.

Yeah feel the same way Greg ... problem is that owning shares in the Co. means any dirt that surfaces could affect our hip pockets, so even if ASIC have a look it would likely do neither of us any good.

At this point in time I'll just settle for CAZ management making a poor deal till something else comes to light. Its not all doom and gloom, but they have potentially cost CAZ S/H's a couple of $million and that is not exactly small change for a Spec.

 

[frugal.rock]

One of the directors has managed to buy, on market no less, 1,666,667 shares at $0.03 each, apparently whilst in a trading halt?
Huh?

 

[barney]

One of the directors has managed to buy, on market no less, 1,666,667 shares at $0.03 each, apparently whilst in a trading halt? Huh?

I'm with the pooch ... what the??

No record of the 10M/$300,000 sale on my charts either?

And pretty much zero on market interest from Buyers or Sellers at the moment. Probably gap up 25% in a few days, lol,

 

[barney]

Probably gap up 25% in a few days, lol,

LOL ....... Up 15% on a $1K trade.

Curiously I wonder how EQN is doing today .... Kind of expected.

There is a puzzle going on with a few of these minnows at the moment. If only we could decipher it.

 

[barney]

Average Punters are unable to make these piddly trades ... I have fronted Commsec a couple of times on "who" instigates these "fake" trades, and whether they are racking up commissions with their own trading?? Surely not!!

The response was interesting, lol, but I remain a conspiracy theorist just in case

The UP 15% on a $1K trade has now been replaced with a reversal (lol) ....with a hefty $24 trade ...

I love Specs!

 

[craigj]

Market cap 7.8mill cash and investments 6.1 mill

Seems like a floor in the share price at 1.7c