Rat’s Rant – The Weekend Probe Edition

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What’s Hot –  TKM, ARO, OAR, BOA, ADD, CLQ, NVA, MGR & DCL
 

What’s Not – GSW & ED1

What’s Doing – LBY (Laybuy Group – new BNPL float listing Monday

RMB – Rat’s Multi Builder (It’s long like my sentiment at the moment)     
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Good Afternoon,

Did you know that on this day in 1977 the Voyager 1 probe was launched.
NASA launched the Voyager 1 probe from Florida much to the enjoyment of many retirees in the Florida region.   

It is currently the farthest man-made object in Space and currently sits 250 nautical miles from Uranus.   
What’s Hot  
TKM – Trek Metals Limited today closed up 55% to finish at 7.3c on $225k stock traded. The reason they were up today was because they announced that they have appointed prominent Australian mining executives Mr Neil Biddle and Mr Tony Leibowitz to its board.

I have met Neil before and think he’s even on this list still, not sure about you Tony but sure we will one day my friend as I think Neil’s a very good operator and if we have sorry and it was a long time ago and wish I listened to you as it would have been with PLS.asx which was a great success.     

Good luck with the new project to everyone involved, especially you young Neil if you read this today.     

Some details on today’s news are listed below:

Trek Appoints Prominent Mining Executives Tony Leibowitz and Neil Biddle to the Board

Highly experienced executives and Pilbara Minerals founders to join Trek as the Company prepares to embark on its maiden Pilbara gold exploration program

Trek Metals Limited is pleased to announce that it has appointed prominent Australian mining executives Mr Neil Biddle and Mr Tony Leibowitz to its board. Mr Leibowitz will assume the role of Non-Executive Chairman while Mr Biddle has been appointed as a Non-Executive Director.

The appointment of the well-known business and mining executives, both of whom have a strong track record of value creation in the junior and mid-tier mining sectors, comes as Trek completes its strategic repositioning as an Australian gold company.

Trek recently completed the acquisition of an extensive and highly prospective gold exploration portfolio in the Pilbara region of WA, currently one of Australia’s most active gold exploration districts, and is about to commence its maiden exploration programs.

Mr Leibowitz has over 30 years of corporate finance, investment banking and broad commercial experience and has a proven track record of providing the necessary skills and guidance to assist companies to grow and generate sustained shareholder value.

Previous roles include with Chandler Macleod Limited and Australian lithium producer Pilbara Minerals Limited (ASX: PLS), where as Chairman and an early investor in both companies, he was responsible for substantial increases in shareholder value and returns. Mr Leibowitz is also Chairman of emerging gold company Bardoc Gold Limited (ASX: BDC). He was previously a global partner at PricewaterhouseCoopers and is a Fellow of the Institute of Chartered Accountants in Australia.

Mr Biddle is a highly experienced geologist and Corporate Member of the Australasian Institute of Mining and Metallurgy. He has over 30 years of professional and management experience in the exploration and mining industry and was a founding Director of Pilbara Minerals Limited (ASX: PLS), serving as Executive Director from May 2013 to August 2016.

Throughout his career, Mr Biddle has served on the boards of several ASX-listed companies, including as Managing Director of TNG Ltd from 1998-2007, Border Gold NL from 1994-1998 and Consolidated Victorian Mines from 1991-1994. Mr Biddle is a Non-Executive director of Bardoc Gold Limited (ASX: BDC).

Commenting on the appointments, Trek Director John Young said: 

“I am very pleased to welcome Tony and Neil to the board, both of whom I have known and worked with for many years. Tony, Neil and I were the founding directors of Pilbara Minerals and worked closely together over a number of years in the acquisition and subsequent exploration and development of the world-class Pilgangoora lithium-tantalum project – taking that company from a relatively unknown micro-cap to a substantial mid-tier miner.

“Tony and Neil bring a vast contact network, a deep understanding of the dynamics of the junior and mid-tier exploration and mining sector and strong business and commercial acumen. They are an invaluable addition to the Board.

“On behalf of all Trek shareholders, I would also like to acknowledge and thank Greg Bittar and Michael Bowen for their work as Directors and look forward to their continued participation as shareholders of the Company.

“With the acquisition of our Pilbara gold portfolio now complete, a refreshed and reinvigorated board in place and exploration programs about to begin, Trek is extremely well placed to generate value for our shareholders.”
ARO – Astro Resources NL today closed up 50% to finish at 0.6c on $880k stock traded. There was no news released today and nor has there been since they received a speeding ticket in regards to their placement.

Whether or not the price will hold up when the 191m shares are issued at $0.0035 next week is anyone’s guess but there seems to be plenty happening here and good luck to all involved. 

Some details about what they do are listed below:
  Astro Resources NL is an ASX listed mineral resources company with a predominant focus on the exploration and development of mineral sands.
Astro is undertaking a significant transformation to a mineral sands developer and is currently undertaking a significant exploration program at its Governor Broome mineral sands deposit in the Nannup region of southern Western Australia.
  The Governor Broome Heavy Mineral Project contains three separate areas of significant heavy mineral (HM) mineralisation. The largest contains the North Deposit, drilled by Metal Sands Australia Ltd in 2005 and 2006, and the West Deposit, drilled by Astro in 2020. The other two areas contain the East and South Deposits.

The HM mineralisation occurs within a surficial Pleistocene sand unit, the Warren Sands, and in the immediately unconformably underlying Beenup Beds of the Cretaceous Warnbro Group. Both units are horizontal.

The Warren Sands vary in thickness from 4m to 11m. It’s contained HM mineralisation increases in grade in the unit’s lower few metres.

The Beenup Beds sediments are of two main facies in the area: clayey sands and organic clays. The clayey sands contain medium- to coarse-grained, angular to sub-angular, unconsolidated quartz and minor feldspar grains. The clay content, which is variable, tends to increase downward. Generally, it contains between 1% and 9% of valuable HM in its top few metres.

The HM assemblage within the Project averages of the order of 53% ilmenite, 6% secondary ilmenite, 3.5% leucoxene, 1.5% Hi-Ti, and 5% zircon for a total of 69% valuable HM. The assemblage also contains significant percentages of kevin garnet. 
OAR – Oakdale Resources Limited today closed up 40% to finish at 2.1c on $6.9m stock traded. There was no news out today but yesterday they announced that earthworks have commenced at its now wholly owned Lambarson Canyon Project in Nevada USA, in preparation for the commencement of diamond drill testing of high-grade gold targets.

The Projects are targeting Carlin and epithermal style million plus ounce gold deposits in northern and southern Nevada, USA. 

The stock has put on almost 10 bhags (that means gone up 10x for the people wondering why I talk about bhags so much) since the start of July and hopefully a few of you that read about them in here got on the gravy train. 

If so you know what I drink, JD & Coke or will happily take another Bunnies jumper which I will share with you next week.    

Some details on yesterday’s news are listed below:

DIAMOND DRILLING TO COMMENCE AT LAMBARSON CANYON GOLD PROJECT, NEVADA

HIGHLIGHTS: 

1. Site preparation work for planned fully funded diamond drilling has commenced at Lambarson Canyon
Drilling and support contracts have been signed with experienced local contractors,

2. Diamond Drilling rig is scheduled to mobilise for commencement of drilling the week beginning 7 September 2020 and expected to complete in three weeks

3. At completion of drilling program at Lambarson Canyon, drill rig will mobilise to commence planned drilling program at Douglas Canyon Project

4. All drill samples will be sent for assay to ALS Chemex in Reno, as soon as they are collected and first results would be expected later in the quarter.

Oakdale Resources Limited is pleased to advise that earthworks have commenced at its now wholly owned Lambarson Canyon Project in Nevada USA, in preparation for the commencement of diamond drill testing of high-grade gold targets. The Projects are targeting Carlin and epithermal style million plus ounce gold deposits in northern and southern Nevada, USA.

Drillrite LLC have been contracted to undertake the planned diamond drilling, and with contracts now signed, the drilling rig is scheduled to mobilise to site to be ready to commence drilling of the first hole, in the week beginning 7 September 2020.

The planned drilling campaign may comprise up to five diamond drill-holes at the Lambarson Canyon Project that will focus on testing gold targets, where initial field work has identified high-grade outcropping gold mineralisation, along with a strong coincident IP resistivity and conductivity anomaly to the south of the outcropping mineralisation.

Once drilling at the Lambarson Canyon Project is completed, the same drill team will mobilise south to the Douglas Canyon Project to commence drill testing additional high-grade gold targets.
BOA – Boadicea Resources Limited today closed up 39% to finish at 30.5c on $760k stock traded. The reason they were up today was because they announced the execution of a conditional sale of nine Fraser Range Tenements to IGO.asx Newsearch Pty Ltd (“Newsearch”), a wholly owned subsidiary Independence Group. 

This agreement has a potential sale price of $57 million plus royalties, including $5.5 million upfront from IGO which I would imagine has made the late boss Clarke Dudley a very proud man up there in heaven. 

I have met the man before his listing in 2012 and have followed it closely, sadly until reading this today I wasn’t aware of his passing, so my thoughts go out to all his family and no doubt some of his friends who will read this today.      

If the sale goes through a special dividend of 8 cents will be paid per share and like I said above he would be very proud up there looking down watching his dream turn into a reality. 

Good luck with getting it all through the ASX & hope you guys at IGO continue the dream for the late and great Clarke Dudley who did too used to read this rag. 

Gone but not forgotten big fella !!!      

Some details on today’s news are listed below:

CONDITIONAL ASSET SALE AGREEMENT EXECUTED WITH IGO ENTITY

Conditional sale of nine (9) Fraser Range Tenements to IGO Newsearch Pty Ltd (“Newsearch”), a wholly owned subsidiary of IGO Limited (“IGO”).

Potential sale price of $57 million plus a royalty, comprising:

$5.5 million Up front Consideration non-refundable cash payment by IGO.

Payment of Subscription Price of $1.5 million by IGO to purchase 6,250,000 shares in the Company at 24 cents per share (which represents a 12% premium to 60-day VWAP).

Payment of the Upfront Consideration and Subscription Price to be made within five (5) days of Shareholder approval of the Asset Sale Agreement.

$50 million payment by New search to purchase the Fraser Range Assets.The purchase of the Fraser Range Assets and the payment of the $50 million is conditional upon declaration of a JORC resource by IGO within the 5-year exclusive access period.

A Net Smelter Return Royalty payable by New search of 0.75% on all revenues from the Fraser Range Tenements.

In return, New search granted exclusive rights of access and exploration of the Fraser Range Tenements for a period of 5 years.
New search entitled to nominate a Non-Executive Director for appointment to the Board of BOA.

BOA to seek Shareholder approval as a Condition Precedent to the Asset Sale Agreement.

General Meeting of BOA shareholders to be held 14 October 2020.
BOA will continue to inform shareholders and ASX of exploration activities and results performed within its Fraser Range tenements.

BOA retains 2 Fraser Range tenements (Fraser Range South and Southern Hills), 1 Paterson Range tenement (Koongulla), and the Horseshoe and Wildara prospects.

Subject to Shareholder approval of the Asset Sale, an unfranked special dividend of 8 cents per share to be paid to Shareholders registered on 12 October 2020.

The Estate of the late Clarke Barnett Dudley, being the former Managing Director of BOA, which holds 37% of the shares in BOA, is supportive of the Asset Sale and intends to vote in favour of the resolution.
 
ADD –  Adavale Resources Limited today closed up 30% to finish at 3c on $1.5m stock traded. The reason they were up today was because they announced a binding agreement with recent acquirers of a $1M face value convertible note to convert 100% of their interest, at a significant premium to the current share price.

The note was purchased by several long term shareholders, so clearly someone is bullish and someone is cashing in their chips and running for the hills.  

The beauty is one will win and one will lose……just not sure who it is yet but that’s the market folks in case you didn’t know !!! 

Some details on today’s new are listed below:

ADAVALE TO CONVERT $1M (PLUS INTEREST) LOAN AT 5 CENTS PER SHARE

Highlights

Adavale to be free of all its historical long-term debt
Convertible note purchased by several long-term shareholders
Converted at a 117% premium to the previous closing price
Company can focus on fast tracking work on Kabanga North and NorthEast tenements along with identification of advanced Nickel Sulphide projects.

Adavale Resources Limited is pleased to announce a binding agreement with recent acquirers of a $1M face value convertible note to convert 100% of their interest, at a significant premium to the current share price.

The $1M face-value convertible note accrued interest at 8% per annum from 28 April 2017. This conversion removes all long-term debt from the Company’s balance sheet and on unquestionably favorable terms.

Post-conversion, the convertible note holder’s interests will be fully aligned with the Company’s. The removal of debt presents a significant opportunity in terms of the Company’s ability to move the Company’s projects forward and create shareholder value.

Adavale’s Interim Chairman Grant Pierce commented: “Conversion of the note frees the Company of debt and allows the new Board to not only fast track work on the Kabanga North and North East tenements but also actively focus on expanding the Company’s portfolio of African nickel sulphide assets.”

“The Board thanks the loyal and long-term shareholders who, at a large premium to market price, removed this debt. The newly appointed Board now have a clear runway to progress the Company’s strategic plan.”
CLQ – Clean TeQ Holdings Limited today closed up 23% to finish at 24c on $2.2m stock traded. There was no news released today but yesterday they announced they had discovered a high-grade platinum mineralisation has been defined within the sunrise laterite resource.

Clean TeQ is a global leader in metals recovery and industrial water treatment through the application of its proprietary Clean-iX® continuous ion exchange technology and are also the owners of the Clean TeQ Sunrise Project, which located in New South Wales.

Clean TeQ Sunrise is one of the largest cobalt deposits outside of Africa, and one of the largest and highest grade accumulations of scandium ever discovered.

I dare say it’s the latter that’s getting Mr Market a little excited on a Saturday morning.  

Some details on yesterday’s news are listed below:

Large Australian Platinum Resource to be Tested at Depth

New high-grade Phoenix Platinum Zone outlined as part of existing 1,000,000 oz Pt resource at Sunrise

Significant historic downhole intersections into bedrock have yet to be tested

Drilling program to commence in coming weeks Highlights:

An area of high-grade platinum mineralisation has been defined within the Sunrise laterite resource, forming a newly-classified Phoenix Platinum Zone. Significant downhole intersections from earlier drilling campaigns include1:
12m (from 8m) @ 8.0g/t Pt, 0.55% Ni, 0.08% Co and 23ppm Sc, for 96.3 g.m2 Pt (SRC0680)
13m (from 9m) @ 7.1g/t Pt, for 92.2 g.m Pt (SRC1262)
6m (from 32m) @ 15.1g/t Pt, 0.95% Ni, 0.16% Co and 170ppm Sc, for 90.3 g.m Pt
4m (from surface) @ 18.1g/t Pt, 0.05% Ni, 0.01% Co and 27ppm Sc, for 72.4 g.m Pt (SRC0351)
14m (from 20m) @ 4.4g/t Pt, 0.73% Ni, 0.02% Co and 75ppm Sc, for 61.7 g.m Pt (SRC0871)
4m (from 16m) @ 10.1g/t Pt, 0.98% Ni, 0.27% Co and 26ppm Sc, for 40.6 g.m Pt (SRC1447)
2m (from 20m) @ 18.9g/t Pt, 1.1% Ni and 0.07% Co, for 37.8 g.m Pt (SAC152)
1m (from 19m) @ 35.3g/t Pt, for 35.3g.m pt (SRC1256)
7m (from 23m) @ 4.7g/t Pt, 0.74% Ni, 0.02% Co and 82ppm Sc, for 32.7 g.m Pt (SCW7) 

These holes were drilled with a mix of reverse circulation, air core and calweld rigs, and with few exceptions, have not been assayed for other PGEs, such as palladium.

Despite extensive drilling over previous decades, only a handful of holes have been drilled beneath the Sunrise laterite. Of these, significant historic downhole intersections include3:

4m (from 119m) @ 7.4g/t Pt, 0.13% Ni and 0.01% Co, for 29.4 g.m Pt (SRC1257)
1m (from 127m) @ 6.5g/t Pt, 0.15% Ni and 0.01% Co, for 6.5 g.m Pt (SRC1253)
1m (from 23m) @ 4.2g/t Pt, 0.15% Ni and 0.01% Co, for 4.2 g.m Pt (SRC1261) 

All holes were drilled using reverse circulation rigs and no assays were undertaken for other PGEs in these drill samples.
 
Given the high platinum grades near surface and historic intercepts beneath the laterite, a program of work has commenced to test the structural geology of the Tout Intrusive Complex and to establish a platinum resource that will either integrate with the development of the Sunrise nickel-cobalt-scandium mine, or be developed as a stand-alone operation.

Mr Friedland noted,

“As I’ve said for years, despite being an incredibly valuable base metals resource, Sunrise is one of the best walk-up precious metal drill targets on the planet. It is astounding what little work has been done to test geological interpretations under the blanket of this laterite, despite very encouraging results from historic drilling.

“It is pleasing to see a small renaissance of PGE interest in Australia, with Chalice Gold’s recent exploration success in Western Australia and now with work commencing on the east coast at Sunrise. In defining the Phoenix Platinum Zone we are now starting to pull together a work program that addresses the gaps in our knowledge. In an era resigned to monetary debasement and a search for safe-haven asset classes, platinum has a bright future.”
NVA –   Nova Minerals Limited today closed up 22% to finish at 8.4c on $1.9m stock traded. There was no news released today and nor has there been since Monday when they announced the exercise of options which brought the Company’s total cash and cash equivalent balance to circa A$15 million.

The company is now fully funded to complete resource drilling, preliminary economic assessments, expanding resources and extend explorations.

Some details on Monday’s news are listed below:

Fully Funded to Fast Track Estelle Gold Project DevelopmentNVA

CEO, Mr. Christopher Gerteisen commented:

Exercise of options brings the Company’s total cash and cash equivalent balance to circa A$15 million

70% of the resource drill out program completed

Fully funded to complete: 

Resource drilling to expand the current 2.5Moz resource at Korbel, Blocks A and B  

Preliminary economic assessment (PEA) of the expanded Korbel resource area on Blocks A and B

Expanding the resource beyond Blocks A and B, by establishing Pad 6 on the Southeast Quadrant Discovery

Initial exploration within Cathedral, You Beauty, Isabella & Sweet Jenny

Phase 1 mineral resource update on Block B due shortly with additional drill holes to be incorporated that extend outside the current 2.5Moz resource area

Two rigs running 24hrs a day at Block A with further results due shortly

Ore Sorting and PEA studies now commenced

West Susitna Access Road fast progressing

Nova Minerals Limited is pleased to announce it is now fully funded to fast track development of the Company’s flagship Estelle Gold Project located in the prolific Tintina Gold Belt.
 Total funds raised from the exercise of the 486.8m quoted options exercised since January 2020 is circa A$15.8 million.

These funds bolster the Company’s already strong cash balance, taking total cash and cash equivalents on hand circa A$15 million with 70% of the drill program completed.

This places the Company in an extremely robust position from which to deliver upon its strategic goals in 2020 and beyond.


This may or may not be my client named Bhavdip, he just loves gold and bhags too that bloke !!!

He may or may not work at Sea World too on the weekends…..
  
MGR –  Marquee Resources Limited today closed up 14% to finish at 8c on $450k stock traded. There was no news released today and nor has there been since they raised cash (which I took some I might add) and acquired a new gold-nickel project over in WA which is why I took stock derrrrr. 

I do know a few of the blokes on the board and also have clients that own the stock and other than that I can’t really give you much more value add on a Saturday morning.     

Some details about the companies new project are listed below: 

OPTION TO ACQUIRE WA GOLD-NICKEL PROJECT & CAPITAL RAISING 

HIGHLIGHTS: 

Marquee enters into Option Agreement to acquire West Spargoville gold and nickel Project.

The West Spargoville Project contains over ~20km of continuous strike in the world class Widgiemooltha Greenstone Belt, covering an area of ~80km² in the Kambalda District.

The Project sits directly adjacent to Maximus Resources Ltd (ASX:MXR) main Mining Licenses (including Wattle Dam ~2km to the east), with the St Ives Gold operations (Gold Fields Limited (NYSE:GFI)) located ~30km to the east and Karora Resources Inc (TSE:KRR formerly RNC Nickel) Higginsville gold operations approximately ~40km southeast.

Marquee has received firm commitments in a Placement to sophisticated and professional investors to raise $1.6 million.

Marquee continues to review and conduct due diligence on numerous resource projects. The Company has particular focus on acquiring advanced gold and base metal projects located in Australia.

In July 2020, Marquee entered into an exclusive Option Agreement with Fyfehill Pty Ltd to acquire Exploration Licence Application E15/1743 known as the West Spargoville Project. The West Spargoville Project is continuous over a ~20km strike extent covering an area of ~80km2.

The West Spargoville project is located between 60 to 80km south of Kalgoorlie in the Kambalda District of the Eastern Goldfields at the northern end of the Widgiemooltha Greenstone Belt which is synonymous for gold and nickel discoveries.

The Project area is bounded to the east by the Zuleika Shear and by the Ida Fault to the west. The area lies within a ‘neck’ of greenstones between the Depot Granodiorite to the north and the Widgiemooltha Monzogranite to the south which are large internal felsic intrusive bodies within the sequence.

Locally the project is underlain by a sequence of mafic intrusives and volcanics, komatiites, felsic volcanoclastics, tuffaceous sediments, greywackes and cherts. Of particular interest is a sequence of layered mafic rocks with komatiites, High-Mg basalts and gabbros which are particularly prospective for gold and nickel mineralisation.

The Project is prospective for gold with numerous historic gold workings in the region (Spargoville and Higginsville gold fields) as well as the recently active Wattle Gold open pit and underground mine which was operated by Ramelius Resources Ltd and is now held by Maximus Resources Limited.

A major granite-greenstone contact exists on the western margin of the tenure. The northern strike continuation of the Chalice shear zone is interpreted to run on or adjacent to this contact.
What’s Not 
GSW – GetSwift Limited today closed down 29% to finish at 46.5c on $460k stock traded. The reason they were down today was because they proposed to re-domicile from Australia to North America by way of a scheme of arrangement under Part 5.1 of the Corporations Act 2001, and the listing of the Company’s new holding company on the NEO Exchange in Canada.

That’s a long way of saying they are giving an up your’s to Australia and they are off to Canada…….

So for any of you that hold a few as the old famous song goes…….

Blame Canada 

It’s not one I really follow but wish you all the best with the Canadians. 

Some details on today’s news are listed below:

GetSwift Announces Intention To Re-domicile To North America

GetSwift Limited today announced a proposal to re-domicile from Australia to North America by way of a scheme of arrangement under Part 5.1 of the ​Corporations Act 2001​ (Cth) (the “Scheme”) and the listing of the Company’s new holding company on the NEO Exchange in Canada.

As part of the Re-domiciliation, the Company has entered into a Scheme Implementation Deed dated 4 September 2020 with GetSwift Technologies Limited (“Holdco​”​), a newly formed company incorporated in the Province of British Columbia, Canada. A copy of the Scheme Implementation Deed is attached to this announcement.

If the Re-domiciliation is implemented:

● Holdco will acquire all of the ordinary shares in GetSwift and become the new holding company of GetSwift and its subsidiaries;
● GetSwift shareholders (other than certain ineligible foreign shareholders) will receive one Holdco common share (a “Holdco Share”) for every 7 GetSwift Shares they hold as at the record date for the Scheme;
● GetSwift will be delisted from the ASX; and
● the Holdco Shares will be listed on the NEO Exchange.

Reasons for the Re-domiciliation

After considering the relative merits of the Re-domiciliation compared to its current listing on ASX, the directors of the Company (the “Board”) are of the unanimous view that there are a number of significant advantages and benefits with this action. In particular, the Board believes that the Re-domiciliation will:

Align the GetSwift Group’s corporate structure with its business operations in North America, which is where it is headquartered and its management and a significant proportion of its customers and shareholder base are now situated;

Announcement GetSwift Announces Intention To Re-domicile to North America

Better position the GetSwift Group for continued international growth, in recognition that a majority of its customers acquired since the Company’s IPO have been located across North America, Europe, the Middle East, Africa, and South America;

Increase the attractiveness of the GetSwift Group to a broader range of investors in a market which is familiar with and more likely to invest in early to mid-stage technology companies, which may lead to a stronger valuation of Holdco over time and improve liquidity in trading of shares; and

Result in overhead costs savings to the GetSwift Group by reducing costs currently incurred as a result of being listed in a time zone and geographic location not aligned to the location of its headquarters and a large proportion of its customer base (by number) and shareholders (by value).
ED1 – Evans Dixon Limited today closed down 15% to finish at 45c on $1.35m stock traded. The reason why they were down today was because they announced that ASIC has informed ED1 that it will today commence legal proceedings in the Victorian registry of the Federal Court of Australia against ED1’s wholly-owned subsidiary, Dixon Advisory & Superannuation Services Ltd. 

ASIC has provided ED1 with a draft concise statement in which it alleges breaches by DASS of certain of the ‘best interests obligations’.

That sounds about as fun as writing this email on a Saturday morning or even having a large probe stuck far up your rectum on a Friday which may or may not have happened to me yesterday.   

Some details on today’s news are below:

Commencement of proceedings by ASIC against Dixon Advisory & Superannuation Services Ltd

Evans Dixon Limited announces that ASIC has informed ED1 that it will today commence legal proceedings in the Victorian registry of the Federal Court of Australia against ED1’s wholly-owned subsidiary, Dixon Advisory & Superannuation Services Ltd (DASS).

ASIC has provided ED1 with a draft concise statement in which it alleges breaches by DASS of certain of the ‘best interests obligations’ in Division 2 of Part 7.7A of the Corporations Act between 2 September 2015 and 31 May 2019. ED1 expects to receive the final form of the concise statement shortly and a more detailed statement of claim in the coming weeks.

The proceedings relate to recommendations comprising personal financial product advice provided by several of DASS’s representatives to retail clients in relation to Units, URF Notes (I, II and III) and CPUs in the US Masters Residential Property Fund (URF), an ASX listed managed investment scheme. There are 8 sample clients that have been chosen by ASIC for the purposes of the proceedings.

In the draft concise statement, ASIC alleges that by providing the recommendations, the relevant representatives of DASS:

Did not act in the best interests of the sample clients and therefore contravened section 961B(1) of the Corporations Act;

Provided advice in circumstances where it was not reasonable to conclude that the advice was appropriate to the client and therefore contravened section 961G of that Act; and

to the extent the recommendations were to buy or sell URF financial products, failed to give priority to the clients’ interests where they knew or ought to have known of a conflict of interest between those interests and the interests of DASS due to the various fees paid by or on behalf of URF to DASS or associates of DASS and therefore contravened section 961J of the Act.

ASIC also alleges that each of these contraventions was a separate contravention by DASS as the responsible financial services licensee under section 961K(2) of the Act. A total of 126 such contraventions are alleged. The proceedings seek declarations of contravention, pecuniary penalties and certain other orders against DASS. No relief is sought against the relevant representatives or any other person.

The final form of concise statement may differ from the draft that ED1 has received.
 
What’s Doing
With all this (BNPL) Buy Now Pay Later madness we are seeing at the moment with After Pay almost touching $100 earlier this month, Zip Co and the rest all going nuts we got one more joining the fray on Monday called LayBuy Group Limited (LBY.asx) who raised $80m @ $1.41c through Bells and Canacord. 

I may or may not have wheazled myself into a small allocation and let’s just say I am a little nervous about Monday’s listing after the recent market jitters and the fear of a large dolphin contingent in the book looking for a quick buck.

I am also never usually a fan of a sell down from existing shareholders but we will see, let’s hope I win this battle !!!  

I guess we will know on Monday around lunchtime…fingers crossed for all involved and a little bit about what these guys do are listed below for those of you that are interested. 

Laybuy is a buy-now-pay-later (“BNPL”) provider with a market leading position in New Zealand and growing presence in Australia and the United Kingdom.

The Laybuy payment platform enables customers to split the payment of purchases, both online and instore, across six, weekly, interest free instalments, the first being at the point of sale. Customers are typically subject to transaction limits of approximately NZ$120 to NZ$1,500, depending on their credit report score. Currently, Laybuy is available across a wide range of retail subsectors including fashion, travel, homewares, sports and entertainment.

Laybuy launched in New Zealand in May 2017 and after experiencing early success, a year later launched in Australia through existing New Zealand merchants and new Australian merchants. In February 2019 Laybuy officially launched in the larger UK market with shoe retailer Foot Asylum. For the 12 months ended 30 June 2020, Laybuy had more than 5,600 Active Merchants and over 470,000 Active Customers on its platform, representing an increase of ~50% and ~110% respectively compared to the prior 12-month period.

The United Kingdom represents a significant opportunity for Laybuy with the Company already experiencing strong growth across all key operating metrics.

Laybuy has entered into a partnership with Mastercard, which will enable it to issue digital cards to Laybuy customers in New Zealand, and expects to launch a digital card in New Zealand, Australia and the United Kingdom by the end of 2020. Issuing a digital card to Laybuy customers will allow the Company to provide a fully functional ‘tap and go’ BNPL offering anywhere that offers contactless payment and Laybuy. The partnership is expected to broaden Laybuy’s revenue streams and deepen customer loyalty.

Laybuy is led by an experienced Board and management team with broad retail, commercial, governance and financial skillsets. Laybuy’s growth strategy is anchored around leveraging the Company’s scalable platform and has three key components: increase market share in already established geographies; rapidly grow in the United Kingdom and other international markets; and new platform enhancements to drive network effects.
RMB –  (Rat’s Multi Builder for any of the newer readers from Tweeter)  

Roosters to win 1-12 vs Raiders @ $2.88

The return of SBW and Keary will add lots to a team who’s regaining form, its been a while since they have beaten a top 8 team, I reckon it’ll be a close grand final replay and SBW to get a meat pie in the second half. 

into 

Canterbury v Gold Coast under 44.5 total points @ $1.90

Both teams are bloody pathetic in attack, I see Titans winning but not convinced and expect a soccer score this arvo not a cricket score 

into  

West Coast -7.5 vs Bulldogs @ $1.90

Jack Kennedy will kick a bag, Shoey to get 30 & West Coast to show everyone why they are half a chance of winning the flag this year.  

Into 

Ivan Duyanin v Roman Khomenko in the Russian Table Tennis @ $2.35

I get some good mail on the Russian ping pong from my Russian tennis coach. She’s usually pretty good and she reckons Ivan @ $2.35 is good value and has promised me a free lesson next week if I added it to my multi this week.

into       


Randwick Race 8 Number 9 Reloaded @ $6.90

Resuming today with the old Waller/J Mac one two should be hard to beat. He was around the mark at the top level in the autumn without breaking through for a win. Creates interest for me when fresh & can’t resist a price like that. 

= $169 – 1 

It really is too….has to be an omen bet surely !!!  

Enjoy the rest of your weekend
  
or even Tuesday………

  
Go Hard…………. but please stay inside most of the time when you areGoing Hard 

We are almost there folks, stop fckn shaking hands would you and humping strangers in isolation while you are meant to be working !!!

I can do it and so can you !!!
Nick Kelso
Wealth Advisor | EverBlu Capital
 
L39, Aurora Place, 88 Phillip Street, Sydney NSW 2000
d: +61 2 8249 0052 | m: +61 404 003 613 
e: nick.kelso@everblucapital.com 
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……..to finish off possibly the worlds longest disclaimer

GO HARD    

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