WID - Widespread

[Tomahawk]

Anyone still following this?

The Ban Phuc project is on target to complete its planned 10,000 metre feasibility study drilling programme by the end of 2004. Will results be announced immediately or will it take a while to analyse the data?

On the brighter side, seems to be a pattern of subtle accumulation over the last several weeks. It has been going up steadily to 2.4 cents today from 1.7 cents.

IMHO, AMR (which makes up most of WPL) is grossly undervalued but there are still a lot of risks involved. Hopefully the feasibility study will be good news and the mining will get underway. Until then, I guess the SP will be languishing especially since the announcements and assay tests are really difficult to interpret for the common investor - not exactly an easy read with all those numbers!

Disc: Hold some.

[Farouk]

This baby is going to fund the Farouk retirement years. When it gets to $1 this contributor will be sitting in the Bahamas.Cuba libre, anyone?

"I had seen most of my movies as a kid, all very horrible movies. Fred Astaire, Ginger Rogers. Jeanette McDonald and Nelson Eddy. Bob Hope. Tyrone Power. The Three Stooges. Cary Grant. Those movies shook and rattled your brains, left you without hope or energy. I sat in those movie houses, sickened in the gut and soul."
...a quote from Charles Bukowski.

[Bling_Bling]

Why is a company that is in Columbia and listed on the TSX listed in NZ?

[Tomahawk]

$1 dollar Farouk?? Are you sure? I was hoping for something like 30 cents or so in two years once the mining goes underway, if it ever happens that is. Perhaps I have messed up my calculations?

[Tomahawk]

Bling Bling, I think the company listed in NZ (WPL) is just an investment company that is very heavily weighted in AMR (listed on the TSX) amongst other resouce companies. If I am not wrong, one of the directors of WPL sits on the board of directors for AMR as well.

[Tomahawk]

Got this off from their web site http://www.widespread.co.nz

Looks like Farouk may be right...

Outlook
AMR announced this week that it is on target to complete its planned 10,000 metre feasibility study drilling programme by the end of 2004. Five diamond drill rigs are continuing to work on the Ban Phuc deposit doing a mixture of detailed in-fill drilling and testing for resource extensions. The ongoing programme is the outcome of recommendations detailed in the Company’s recent independent report filed in Canada. AMR plans to undertake preliminary mine planning and commence a metallurgical test work programme in the fourth quarter.



The company also announced that the Ban Phuc deposit is open along strike to the east and west and down plunge with significant potential to increase resources. Other exploration targets in the immediate project area are being reviewed and further work is being planned.

Corporate Achievements



· AMR has now successfully raised CAD7.3 million in three private placements in January, July, and October 2004

· It listed on the TSX Venture Exchange (code ASN) in April 2004

· The company now has a rejuvenated management team with a new CEO and changed board of directors including a high profile, Toronto based lawyer as chairman. Further North American based directors are expected to join the AMR board.

· AMR shares have traded since listing in a range from CAD1.10 to CAD35.5 cents, most recently at the bottom end of this range.

· The poor share price performance, while disappointing in the short term, is largely irrelevant as far as Widespread Portfolios is concerned. We are a major and long term investor in the stock with a strategic stake that we would expect, if sold, to attract a significant premium over the quoted value of retail share parcels.

· Further, we are very aware, based on our four-year association with the company and an in-depth understanding of the economics of the Ban Phuc nickel project, that AMR shares are very undervalued at present price levels. Our and other independent valuation models further support our view that AMR is trading at a fraction of the value its peer group merits in both the Australian and Canadian share markets.

· By way of illustrating just how anomalous the present market price of AMR is, the company is presently valued by Canadian investors at CAD15.4 million, or USD13.4 million. Yet the company presently owns 70% of a nickel deposit at Ban Phuc that contains USD3.7 billion of contained nickel.

· Another example (there are many others to choose from) is Sally Malay, an Australian listed company with a nickel deposit containing less than 80,000 tonnes of nickel, but which is presently valued at AUD 154 million (CAD144 million) on the ASX. Applying this yardstick at face value results in the conclusion that either Sally Malay is very overpriced or else AMR is trading at a tiny fraction of its correct market value. Even taking into account the difference in sovereign risk and the differing stages in the two companies development, AMR is clearly incorrectly priced by the market.

· AMR’s present disappointing market performance, in share price terms, is due to the inability of the company, to date, to effectively market itself to Canadian investors. AMR’s management have, in our view quite correctly, focussed on making progress on the ground in Vietnam so that they will then have something to talk about.

· We expect this focus to change in the near future – AMR will be paying greater attention to “talking the talk” having got all its ducks in a row at an operational level.

[Greyhound]

I see Chris Castle is running the show.He was a Wellington golf rep when I was a kid.Seems to have been around the market for ages.Think Charter Corp was his baby....what happened to that...anyone?

[Lawso]

How to get rich.

You could put $10k into something that pays 10% gross p.a. and reinvest the div/interest. Your $10k will be worth around $35,480 after 10 years, $92,000 after 20 years, $238,100 after 30 years and $673,600 after 40 years.

If you can't wait that long, buy 1m WPL @ 2c = $20k, sell them for $2 when the nickel prospect pays off and pocket $2m.

I'm waiting.

[Tomahawk]

Dream come true would be if it went Poiseidon's way in the late 60s without the bust of course :D It was trading at 80 cents in September 1969 and reached all the way to 280 dollars in February 1970 before crashing down again once they realised the mine wasn't as big as thought and that it going to cost way more extract it.
A 350 fold increase!

[paul29]

market depth is looking good for ASN last trade was 50c Volume 74,428 shares


BUYERS
Orders Volume Price Range
4 87,500 0.350-0.500


SELLERS
Price Range Volume Orders
0.530-0.650 95,000 7


WPL was a good buy when it was @1.9 - 2c :D



Disc: Hold some WPL and ASN

bought more ASN @ 35 - 40c

[Tomahawk]

Hi Paul29
Who do you use to buy shares on the TSX and what do they charge? Thanks.

[paul29]

Hi Tomahawk, forsyth barr Brokerage Rates Minimum $40 CAD


www.forbar.co.nz

[Tomahawk]

Thanks for that paul29.

[KentBrockman]

http://stocknessmonster.com/news-item?S=WPL&E=NZSE&N=108983

What is the point of this 'announcement', which doesn't appear to contain any information previously unknown????

[asilpops]

I think WPL is a good company to invest some coin in right now, they seem to have cash and forward thinking which is more than some of the other companies ive been watching so i intent to buy in and see what happen, they are cheap enough and i feel you could do alot worse.:D

[NOCASH]

good to invest in look at it 2cents! soo risky for a newbie like me !

[I.T.Ancient]

That was indeed a very strange anouncement. Can anyone explain what the motivation for it might be?

[corsair]

It does seem to be a stock with a high potential upside. I would be interested to know how long you've been a holder Farouk and how it is performed for you over that time.

It mentions on the website the stock requires 'intestinal fortitude' due to the large fluctuations, how did you find it?

[Tomahawk]

I.T. Ancient,

The reason for the announcement from Chris' shareholder mailing list:

"This was announced today to NZX and is also being distributed to shareboker client advisers directly as we being told by many of you, and other interested investors that we need to tell the broking community a little more about Widespread Portfolios."

[I.T.Ancient]

Thanks Tomahawk. I avoid those mailing lists, because they tend to duplicate announcements and shareholder mailings.

[The Examiner]

Hi Sharetraders,

The Widespread fact sheet was released to NZX pursuant to our obligations as a listed company to maintain a fuly informed market. Even though it contained no significant new information, it did provide a succinct snapshot of our business and was prepared in order to be sent directly to members of the sharebroking community. We felt shareholders should have an equal opportunity to see it and we also emailed it to those on our email mailing list.

Fact sheets are commonly used for marketing mining stocks in Canada and Australia but are uncommon in New Zealand. We decided this communication tool was a logical way to make sure that our relatively small and obscure company was better understood by the market. I'm sure our shareholders will be expecting us to keep telling our story. It's a competitive business trying to gain investor attention and it can be safely assumed that we will be seeking new ways of doing so.

Cheers

Chris Castle

[Tomahawk]

Drilling is now completed. Looks like good news. Fingers crossed for the definitive resource estimate.

WPL
13/12/2004
MINE

REL: 0834 HRS Widespread Portfolios Limited

MINE: WPL: Widespread's Asian Minerals releases new drilling results

Asian Mineral Resources Limited

1780 / 400 Burrard Street Suite 304B

Vancouver 30 Nguyen Du Street
BC V6C 3A6 Hanoi
CANADA VIETNAM

Telephone: + 1 604 669 1446 Telephone: + 84 4 943 3462
Facsimile: + 1 604 689 1288 Facsimile: + 84 4 943 3460
Mobile: + 61 414 745 991

Internet http://www.asianminres.com
Email info@asianminres.com

December 9, 2004

ASIAN MINERAL RESOURCES COMPLETES
BAN PHUC NICKEL PROJECT DRILLING

Asian Mineral Resources Limited (TSX Venture "ASN") announced today further
results from its recently completed drilling programme on the Ban Phuc Nickel
(sulfide) Project in Vietnam. Since March 2004, Asian Mineral Resources
Limited ("AMR") has completed drilling of 73 holes for a total of 13,661
metres in a programme designed to explore resource extensions and in-fill the
main Ban Phuc nickel deposit.

Significant Results (down-hole intervals) include:

BP04-53 2.80 metres at 6.38% Nickel and 2.00% Copper

BP04-51A 3.40 metres at 3.40% Nickel and 1.73% Copper

BP04-55 49.2 metres at 0.61% Nickel and 0.07% Copper

BP04-55A 22.0 metres at 0.68% Nickel and 0.11% Copper

BP04-61 17.8 metres at 0.54% Nickel and 0.04% Copper

"The completion of this comprehensive drilling programme, on time and on
budget, is a milestone", said Mr David Woodhouse, President and CEO, "We now
have the base data necessary to prepare a definitive resource estimate for
our feasibility study".

Work is progressing rapidly on updating the geological model and validating
the database in preparation to undertake a new revised resource estimate that
will incorporate the new drilling data. A previously announced resource
estimate (September 17, 2004) incorporated results from the first stage of
open-pit targeted drilling (27 holes for 2,962 metres) and does not yet
incorporate the 10,699 metres of additional drilling completed to date.
Assay results for the last 11 holes are pending.

AMR is pleased to report the timely completion of this phase of its programme
of in-fill, confirmatory, and extensional target drilling on the Ban Phuc
massive sulphide vein structure and the lower grade disseminated ultramafic
intrusive zone. Good progress is being made in understanding the structural
and geological controls of these mineralised types.

Downhole Surveying Programme
An independent contractor has completed a comprehensive down hole gyroscopic
surveying programme on all the holes drilled in this recently completed
campaign. Because the deposit contains magnetite and pyrrhotite, a down hole
'gyroscopic' survey tool was used as it is unaffected by local magnetic
variations which would otherwise cause difficulties with conventional
down-hole survey techniques.

Previously, a paucity of down hole survey information meant that the
Company's independent geological consultants were not able to classify and
report any measured resources. These hole positioning uncertainties have now
been eliminated which clears the way for the Company's next resource estimate
to include the full spectrum of resource classification categories. In
addition, several drill holes from the recent campaign have been used as
verification holes to confirm the positioning on some key pre-2004 drilling.

Geotechnical Drilling
AMR's independent geotechnical consultant, Knight Piesold, have supervised
the completion of 16 triple-tube diamond core holes. Six holes were drilled
at strategic locations in an area reserved for the proposed tailings storage
facility. Seven holes have been completed over two potential plant site
locations and three holes completed over an area to be reserved for a small
water storage and sediment catchment barrier. This data is being processed
and compiled for inclus

[Bling_Bling]

Can someone translate into English?

[Tomahawk]

Translation and comment courtesy of the WPL board:

1. There appears to be an extension of the high grade massive sulphide zone which may increase the reserves.
2. The down-hole surveys that have been completed are likely to improve the status of the already measured reserves from inferred or indicated to measured. While this seems to be technical gobbledegook of the highest order, I can confirm it is good news.

[Lawso]

If you say it's good news I'll take your word for it, Tomahawk. To me it's meaningless. But the WPL s p hasn't moved today - still 2.5. Does anyone know about the AMR s p? Or how I can find it?

[Shiner]

Lawso, Go to TSX.Com, ventures market, code ASN.
This announcement was released on Saturday our time. No major change on TSX either...not until it's been evaluted to $$ earnings/value.

Other codes for the WPL owned companies on the TSX are VAA and OYM.

[Lawso]

Thanks, Shiner

[Tomahawk]

It's like Shiner says... it's all about $$$earnings. I won't expect a major rerating until they have concrete earnings in place or at least move closer towards it.

At the moment, all ASN has is a very undervalued asset but no earnings yet. The rerating should come about once we see progress towards the development of the asset. The results of the feasibility study should help somewhat.

[Bling_Bling]

quote:Originally posted by Tomahawk

The rerating should come about once we see progress towards the development of the asset.


When can we expect WPL to start minning for the minerals for commercial sales?

[Tomahawk]

Hi Bling Bling, a very good question.

I forwarded the question to Chris at WPL who kindly provided a reply.

1) If the feasibility study is good, what sort of timeframes are we looking at before ASN is able to commercially produce the nickel from the mines?

Reply:
Early to mid 2006

[Bling_Bling]

Thanks Tom. This is an interesting company. I am going to dip deeper into the company and its operations before I make a decision to purchase the shares. If I find anything interesting I will post it. This could be a all or nothing kind of gamble.

[Tomahawk]

If you are interested, I have included the text of the email below.

Cheers
Tomahawk


quote:
1) If the feasibility study is good, what sort of timeframes are we looking at before ASN is able to commercially produce the nickel from the mines?

2) There are obviously other major hurdles that need to be overcome and milestones that need to be accomplished in moving towards the above goal.
Could you provide a brief list of what these milestones are?



Chris' reply:


quote:
1. Early to mid 2006
2. Granting of a mining license in mid 2005, sourcing banking finance for the most of the project cost and sourcing equity finance for the balance.

Our development track parallels that of companies like Oxiana (Laos) and Kingsgate (Thailand). These projects take time to come to fruition and AMR really only got started on the process when the new investors came on board in January this year.

Have you looked at www.asianminres.com and in particular the independent report (NI 43-101) we filed recently? It's also worth a look at www.sedar.com to see how much has happened during 2004. This company has been totally transformed.

[blackcap]

quote:Originally posted by Bling_Bling

Thanks Tom. This is an interesting company. I am going to dip deeper into the company and its operations before I make a decision to purchase the shares. If I find anything interesting I will post it. This could be a all or nothing kind of gamble.


If your gonna purchase WPL, you might as well purchase the underlying assets, cause at the moment they are cheaper than WPL is.

I cant see why anyone would buy WPL at 2.5 cents when the NTA of WPL is less than 2.5 cents?

[Bling_Bling]

Good point Blackcaps. Also cheaper to purchase ASN on TSX at 40 cents. Also, Chris Carter ex Spectrum and Brierleys dont give me much confidence. Both BRY and SPE have performed poorly in the past. The other thing that concerns me is the large fees of 10% of the profit.

[Tomahawk]

quote:Originally posted by blackcap
If your gonna purchase WPL, you might as well purchase the underlying assets, cause at the moment they are cheaper than WPL is.

I cant see why anyone would buy WPL at 2.5 cents when the NTA of WPL is less than 2.5 cents?


Good point blackcap!
Note that the NTA of WPL is calculated based on the shareprices of the companies in its portfolio.
Neither WPL nor ASN have been getting much love from the market and would appear undervalued (assuming the mine comes to fruition) but will agree if you want maximum exposure to the Ban Phuc nickel-copper project, then perhaps ASN @ 40c is probably the way to go.

The only thing I can think of that WPL has over ASN is liquidity (not exactly awe-inspiring liquidity mind you;)). That is quite an important factor when considering a stock.

ASN Depth
BID
Orders Volume Price Range
3 39,500 0.350-0.400
ASK
Price Range Volume Orders
0.485-0.550 46,000 7

WPL Depth
Bids Asks
Volume No. Price - Price No. Volume
73,350 1 2.5 - 2.6 2 634,966
650,000 2 2.4 - 2.7 1 300,000
200,000 1 2.3 - 2.8 1 300,000
199,056 2 2.2 - 3.5 1 36,000
308,893 3 2.1 - 3.8 1 52,000

Looking at the above, tt would be a lot easier to dispose of WPL shares then ASN without depressing the share price!

[Tomahawk]

quote:Originally posted by Bling_Bling

Good point Blackcaps. Also cheaper to purchase ASN on TSX at 40 cents. Also, Chris Carter ex Spectrum and Brierleys dont give me much confidence. Both BRY and SPE have performed poorly in the past. The other thing that concerns me is the large fees of 10% of the profit.


Hi Bling Bling, I believe it is Chris Castle [:p]
From what I have read, I think WPL differs from his previous forays in the sense that it has zero borrowings. i.e. very different beast altogether. The 10% does concern me too. Have reproduced the blurb from the fact sheet here.

Widespread has no staff. The company is operated under contract by Chris Castle for an annual fee of 1% of funds under management. A profit share of 10% is also payable in respect of realised trading profits when certain other conditions are met.

I wonder what the "certain other conditions" refer to.

[corsair]

I'm not sure about this but I saw on the breakdown of funds that only a small percentage of the funds (8.5%) were used for the "Trading portfolio and cash", perhaps the 10% of trading profits only relates to trading profits on this money.

[The Examiner]

Hi Share Traders,

Time for a few brief comments from me in response to recent postings.

Bling bling, - you should be really sure of your facts before you cast aspersions

1. My name is Chris Castle
2. I was a staff member (but not a director) of Brierley Investments from 1975 until 1982, a period when the company enjoyed enormous growth and provided extraordinarily good returns to shareholders.
3. I was a formation director of Spectrum Resources (then named Crusader Minerals) in 1982. The shares listed at 25 cents and peaked at over $1.50 during 1987. I left the Spectrum board in 1988, before it got involved in a tin mining operation in Tasmania that was a disaster.

Tomahawk – you may not be aware that over 60 million shares (or 21.3% of our weighted average share capital) have traded during 2004. I reckon that’s a pretty good effort considering how few punters actually know anything about us (something that I plan to change).

Re “certain other conditions relating to the 10% profit share” these have been published in several WPL annual reports and rights issue prospectii. The only reason they were not repeated in full in the fact sheet was lack of space.

The conditions are:

1. The profit share can only be paid if there are positive retained earnings – in other words previous years losses must not exist.
2. The investment fluctuation account must also be positive – this prevents cherry picking by selling the winners and leaving the dogs behind.

However, as far as I am concerned, generating a 10% profit share in any one year by selling a solid long term investment (just because we happen to be ahead) is just plain stupid, contrary to the best interests of our shareholders, and in contradiction of our stated investment philosophy. This philosophy, repeated in recent annual reports and again in the fact sheet published last week, is to continue to hold investments which look good rather than to sell them in order to report annual profits.

The typical original shareholder who put in $1,000 in 1989 and who has invested a further $4,184 taking up rights issues during the subsequent fifteen years (that’s right – we have been going 15 years) will now hold 1,270,500 shares with a market value at close of play yesterday of $31,763.

I’m doing well enough being a shareholder, thanks

Cheers

Chris Castle

[Tomahawk]

Hi Chris/The Examiner,

Thanks for clearing that up! I think it is really neat that a director of a listed company responds and communicates with shareholders/investors in a public forum. Thanks for the effort.

[Chris]

if anyone wants the full news release.... here is the one filed with Sedar over there.

Interesting reading for us mine junkies. Personallly I am more into diamonds.. but as the saying goes. "different hole... different day"

http://www.sedar.com/csfsprod/data51/filings/00720717/00000001/f%3A%5CGJF%5CSedar%5CAMR%5CMC%5CMC120904.pdf

[Greyhound]

Hey Mr Examiner, you still playing golf? :D

[Chris]

just to clarify that me and "The examiner" are not the same person.

If that makes sense!!

[Bling_Bling]

Chris, thanks for clearing up the misunderstanding.

[The Examiner]

Hi Greyhound,

Re golf - yes - I'm an active member at Royal Takaka golf club.

Cheers

Chris Castle

[Shiner]

For ,Chris Castle..

Sir,

I Have been an holder of 1 mil + shares, I am still watching.

My request to you is ...please do not reply to emotoinal quotations.
In my veiw you are weakenig the trading value by donig so.

Appreciate your input, but only reply when really needed please.
Let negativaty ...be the gain of those positive.

I suggest Feb - March, as our publicity drive.

I agree with you're ID, I have already checked, (and asked by personal e-mail)

IMHO....Youre defence can be depremnetal and less than positive.


Respect youre NOW, or the traders....

Tomohawk , has been interested since about the same time I have.

I like to hear T' opinion.

As I have stated above in past comments, value for / share is the governing factor.

Confidence in director'(s) ....yes.

6-12 M

[Lawso]

On the contrary, Chris, I for one appreciate your candour and your willingness and ability to communicate - thanks in part, no doubt, to the skills of your better 'arf!

[Shiner]

And as is your's Lawso.

I believe WPL has a way to go...only timing is my attribute here and minor concern.
Chris, (and for Chris) youre in the good books,

Please take my coments as positive....let others do as they wish .

Time is on Wpl's side here.

[StainlessSteelRat]

quote:Originally posted by Shiner

My request to you is ...please do not reply to emotoinal quotations.
In my veiw you are weakenig the trading value by donig so.


Shiner, while i can understand your sentiment, i appreciated the fact that Chris chose to reply to statements made in this thread.

I have been watching this thread, and am thinking of putting some money into WPL (won't be 1m+ shares though ;)), and i appreciated the honesty and sincerity that Chris showed. It's an attribute we could do with more of from our top execs, and the fact that he has chosen to front up is a major plus for me.

Having read his reply, i am more likely to invest in this company now.

Disc: Hold no WPL

[paul29]

AMR last trade was 50c good news for WPL


AMR Appoints Jim Askew as Chairman


Asian Mineral Resources Limited(TSX Venture “ASN”) announced that Mr Jim Askew has been elected to its board of directors and that he will become Chairman of the Company effective January 1, 2005. Mr. Askew is a director of several other mining companies including TSX listed Golden Star Resources Limited, Yamana Resources Limited, and ASX listed SinoGold.


Commenting on the appointment, “We are enormously pleased that Mr Askew is joining our board and taking up the role of Chairman as we move towards the final design phase of the Ban Phuc nickel project and the financing needs it will give rise to” said Mr David Woodhouse, President and CEO. “Jim’s knowledge of and reputation in both international and Canadian mining finance circles will greatly assist AMR in achieving its marketing and financing objectives.”


The management of AMR gives thanks to Mr Ian MacGregor who steps down as Chairman and has agreed to remain as a Director and take up the role of Company Secretary. Mr Woodhouse remarked, “Ian’s contribution and support for the strategic building of the Company’s Board reflects our collective ethos and focus on creating shareholder value.”


The five member board is now comprised of: Name
Position
Experience

Mr James Askew
Non executive Chairman
Mining Engineer: investor relations, and finance

Mr Ian MacGregor
Non executive Director
Lawyer: corporate governance

Mr Chris Castle
Non executive Director
Accountant: corporate finance

Mr Rob Thomson
Non executive Director
Mining Engineer: project management, construction, development, and operations

Mr David Woodhouse
Director and Chief Executive Officer
Geologist: project finance, mine development and operations



The Company also announced that it expects the formalities associated with domiciling AMR in Canada to be completed by year end and that it will open an office in Toronto early in the New Year. “These steps will complete the process we began earlier this year when we listed on the TSX Venture Exchange,” said Mr Woodhouse. “As recently announced (December 9, 2004), during 2004 we completed 13,700 metres of drilling on the Ban Phuc Nickel deposit in Vietnam and we’re busy collating that information to generate an updated resource estimate. We expect 2005 to be an eventful year for AMR and for the Ban Phuc Project.”


Company Profile

Asian Mineral Resources Limited is currently engaged in the exploration and development of the Vietnamese located Ban Phuc nickel sulphide project in which it currently has a 70% interest. The Project is part of a granted Foreign Investment License covering 150 square kilometers of highly prospective ultramafic hosted nickel occurrences.


For further details on the Company and its projects please refer to the web-site at www.asianminres.com

[rmbbrave]

Some interesting developments today. Chris Castle has sold a few shares less than 2% ($18,000 worth) and the SP is up 11%. Perhaps Chris wants a new car?

Does any one have any news?


A. Disclosure obligation: Ongoing disclosure

B. Preliminary
1. Name: Chris D Castle
2. NZX company code of issuer: WPL
Name of issuer: Widespread Portfolios Ltd
3. Name of related body corporate (if applicable):
4. Position you hold in the issuer: Director
5. Date of this disclosure notice: 17 January 2005

C. Nature of relevant interest
6. Name of registered holder(s) of security: LJ Sanders & CD Castle, CD Castle
7. Class and type of security: Ordinary Shares
8. Nature of relevant interest in security: Beneficial direct, indirect

E. Transaction
10. Date of last disclosure: 19 November 2005
11. Date(s) of acquisition(s) or disposal(s): 12 January 2005
12. Number of transactions: 1
13. Nature or type of transaction: sale of shares
14. Consideration: $18,270.45
15. Number of securities held prior, set out by class and type: 39,518,183
16. Number of securities subject to acquisition or disposal: 710,000

F. Extent of relevant interest
17. Number of securities held now, set out by class and type: 38,808,183

[Steve]

quote:Originally posted by rmbbrave

Some interesting developments today. Chris Castle has sold a few shares less than 2% ($18,000 worth) and the SP is up 11%
...
Does any one have any news?


Up 11% on volume of 4,000 shares ($116)...

WOW![:0]

[rmbbrave]

03 Feb 2005 01:57
MINE: WPL: Widespread''s Asian Minerals releases final drilling results

New Zealand Exchange Limited
P.O. Box 2959
Wellington

3 February 2005

ASIAN MINERAL RESOURCES ANNOUNCES
DRILLING RESULTS FROM BAN PHUC NICKEL PROJECT

Yesterday TSX.V listed Asian Mineral Resources ("AMR") released the
announcement below. As our 13.3% interest in AMR represents our major asset
we are now releasing the announcement to NZX.

By way of commentary the announcement clearly evidences that AMR is steadily
progressing toward development of the Ban Phuc nickel mine in northern
Vietnam.

The completion of this drilling programme now facilitates the preparation of
the preliminary independent economic feasibility study required to arrange
project finance for the development of the mine. This study will also include
more definitive resource estimates than those released in September, which
were based on the more limited information available at that time.

The announcement states that the 2004 drilling programme "has confirmed the
grade and width of the massive sulfide (high grade) mineralisation which is
expected to be the main focus for planned open pit and underground
operations". This is good news as clearly the independent revised resource
estimate will also, when released, include these (high grade) reserves in the
measured/indicated category, an essential pre-requisite to obtaining finance
for the project.

Yesterday''s announcement also notes that the drilling results have not
supported the "longer range geological extrapolations" that were incorporated
in the September resource estimates with respect to the (lower grade)
disseminated material reporting to the inferred resources category.

In English this means that there appears to be less of the lower grade,
marginally profitable nickel ore than previously estimated. The significance
of this, in terms of incremental value for the project, is highly dependent
on a number of assumptions that will be incorporated in the independently
prepared economic feasibility study, including future nickel prices, metal
recovery ratios, plant capital costs and mining and processing costs.
As major shareholders in AMR we await with considerable interest future
announcements and the release of the preliminary economic feasibility study.

On behalf of the Board,

Linda J Sanders
Chairman

Suite 1780 / 400 Burrard Street
Vancouver, BC, V6C 3A6, CANADA
Telephone: + 1 604 669 1446
Facsimile: + 1 604 689 1288
Internet: http://www.asianminres.com

Suite 304B / 30 Nguyen Du Street
Hanoi, VIETNAM
Telephone: + 84 4 943 3462
Facsimile: + 84 4 943 3460
Email: info@asianminres.com

February 1, 2005

ASIAN MINERAL RESOURCES ANNOUNCES
DRILLING RESULTS FROM BAN PHUC NICKEL PROJECT

Asian Mineral Resources Limited (TSX Venture symbol "ASN") announced today
the remaining results from its recently completed 2004 drilling campaign on
the Ban Phuc Nickel (sulfide) Project in Vietnam. During 2004 Asian Mineral
Resources Limited ("AMR") completed the drilling of 73 holes for a total of
13,661 metres in a programme designed to explore resource extensions and
in-fill the main Ban Phuc nickel deposit.

Significant Results (down-hole intervals) include:

BP04- 62 3.10 metres at 3.61% Nickel and 1.97% Copper

BP04- 63 2.02 metres at 4.68% Nickel and 3.49% Copper

BP04- 64 24.0 metres at 0.87% Nickel and 0.10% Copper

BP04- 65 2.45 metres at 5.59% Nickel and 1.06% Copper

BP04- 67 10.0 metres at 0.85% Nickel and 0.09% Copper (from 65m)
26.0 metres at 0.74% Nickel and 0.05% Copper (from 92m)
29.0 metres at 1.01% Nickel and 0.15% Copper (from 129m)

BP04- 68 80.0 metres at 0.98% Nickel and 0.11% Copper

BP04-70 20.0 metres at 0.56% Nickel and 0.01% Copper
BP04-71 19.0 metres at 0.54% Nickel and 0.06% Copper

(See Table 1 and attached long section for further details).

"We are very pleased to receive these final results from our 2004 drilling
campaign," said Mr Da

[rmbbrave]

Originally postedon the NOG thread. I wonder if this article also applies to nickel.


Comment from Citigroup's Smith Barney posted by misc on the FIXX website:

************************************************** ********

Supersizing the resources sector

Wednesday, February 02, 2005

THE resources sectors is in the midst of an extended cycle that in turn is part of a "super cycle" which will drive a sustained period of earnings growth and deliver a quality of earnings not seen in the sector before. This situation "outweighs more conventional sell signals that would apply at the maturing stages of a conventional cycle" said Citigroup Smith Barney in a note (261 pages!) to clients earlier this week.

A super cycle entails higher trend growth in global demand �Edriven by materials intensive growth in urbanising and industrialising China �Eresulting in trend rises in real commodity prices.

Previous super cycles occurred in the late 1800s early 1900s driven by urbanisation and industrialisation of the USA; in the 1940s and 50s by the post war reconstruction of Europe, and in the 1960s and early 70s by the Japanese economic renaissance.

While the higher prices of the super cycle invariably attract new supply from higher cost projects �Emeaning producer margins (on average), will be broadly unchanged �ESmith Barney says the most important implication of the period is higher long term prices, with the broker increasing long term price assumptions for most commodities.

Other than a downturn in demand, the other risk to commodity prices in this cycle (and all other cycles) is excess capacity. On this score, analysts at Smith Barney like what they see.

"Although a capital expenditure boom is underway, there is no sign of excess capacity at this stage: Capital budgeting is more stringent and lead times are longer," the analysts said.

In terms of commodity/stock selection for investors, a similar theme is put forward by Smith Barney, namely; "supply constraints will be the key feature differentiating the outlook for individual commodities as demand growth slows".

The commodities to have most exposure to are iron ore, coking coal, alumina, aluminium, and zinc.

Smith Barney describes the outlook for iron ore as a "paradigm shift", saying whatever the size of the price increase to be yet settled on, "it is agreed prices are likely to remain high for a protracted period".

If the supply outlook in iron ore is tight, in coking coal it's even tighter. Scheduled production increases from Australia and Canada is said to be insufficient to meet demand, while the US is unlikely to become an exporter because of buoyant conditions in the homeland.

[Steve]

Can someone with some technical nous, indicate if yesterdays announcement on AMRs final drilling results was good, as expected or bad?

Either I am having a bad day, or it is very confusing...

[Steve]

quote:Originally posted by Steve

Can someone with some technical nous, indicate if yesterdays announcement on AMRs final drilling results was good, as expected or bad?

Either I am having a bad day, or it is very confusing...

Thanks for the technical explanation guys![:p] I have taken the drop in the share price down to 2.2c to indicate that the drilling results were not that great...

[The Examiner]

Steve,

The Widespread board has already provided a detailed interpretation of the AMR announcement which I repeat below.

Regards,

Chris C


"Yesterday TSX.V listed Asian Mineral Resources ("AMR") released the
announcement below. As our 13.3% interest in AMR represents our major asset we are now releasing the announcement to NZX.

By way of commentary the announcement clearly evidences that AMR is steadily progressing toward development of the Ban Phuc nickel mine in northern Vietnam.

The completion of this drilling programme now facilitates the preparation of the preliminary independent economic feasibility study required to arrange project finance for the development of the mine. This study will also include more definitive resource estimates than those released in September, which
were based on the more limited information available at that time.

The announcement states that the 2004 drilling programme "has confirmed the grade and width of the massive sulfide (high grade) mineralisation which is expected to be the main focus for planned open pit and underground operations". This is good news as clearly the independent revised resource estimate will also, when released, include these (high grade) reserves in the measured/indicated category, an essential pre-requisite to obtaining finance
for the project.

Yesterday''s announcement also notes that the drilling results have not supported the "longer range geological extrapolations" that were incorporated in the September resource estimates with respect to the (lower grade)disseminated material reporting to the inferred resources category.

In English this means that there appears to be less of the lower grade, marginally profitable nickel ore than previously estimated. The significance
of this, in terms of incremental value for the project, is highly dependent
on a number of assumptions that will be incorporated in the independently
prepared economic feasibility study, including future nickel prices, metal
recovery ratios, plant capital costs and mining and processing costs.
As major shareholders in AMR we await with considerable interest future
announcements and the release of the preliminary economic feasibility study.

On behalf of the Board,

Linda J Sanders
Chairman

[KentBrockman]

http://biz.yahoo.com/cnw/050418/amr_ban_phuc_assessmt.html?.v=1

Yet another 'preliminary' assessment for this ASN project. I wonder if anything tangible will ever happen?

Meanwhile, bid/ask at .27/.3, lowest ever.

[I.T.Ancient]

"The Preliminary Assessment supports the development of a 200,000 tonne per year underground mining operation".

There are still lots of if's & but's, and they're bound to look on the bright side until all the results are in. None-the-less, that statement seems to rest on reasonably conservative assumptions. Still a HOLD/SPECULATIVE BUY.

[paul29]

Total Indicated Resource: 10.86 million tonnes at 0.82% Nickel, for 88,502 tonnes of contained nickel metal.Contained within the total Resource is (Subset) a High Grade Massive Sulfide Vein containing an Indicated Resource of 1.3 million tonnes at 2.56% Nickel and 1.06% Copper for, 33,538 tonnes of contained nickel metal and 13,903 tonnes of contained copper metal.
AMR evaluated several open pit and underground development and operating scenarios for the Project. The Preliminary Assessment supports the development of a 200,000 tonne per year underground mining operation and conventional sulfide flotation plant to produce a nickel and copper bulk concentrate.


The economic parameters of the Preliminary Assessment ‘base case’ mine plan are:

Indicated Resources 1.3mt @ 2.56 %Ni, 1.06%Cu

Inferred Resources 0.2mt @ 2.62 %Ni, 1.25% Cu

Mine life 5 years

Milled Production 1.0 mt @ 2.47% Ni, 1.08% Cu

Metallurgical recovery 85.6% Ni, 95.8% Cu

Metal in concentrate 21,170 tonnes Ni, 10,380 tonnes Cu

Start-up Project Capital US$29.8 million

Long term nickel price US$4.00 per lb.

Long term copper price US$1.00 per lb.

Average operating cash cost (Ni) US$2.69 per lb. (with Cu credits)

Net Cash Flow (EBIT) US$27.4 million

Internal Rate of Return (IRR) 25%


At current London Metal Exchange (“LME”) spot metal prices the economics for the project are even more robust. For example, at US$7.00/lb for Ni and US$1.50/lb for Cu results are:

Net Cash Flow (EBIT) US$127 million

Internal Rate of Return (IRR) 105%





The Company is not yet in a position to state a mineral reserve for the Project however, sufficient work has been completed to prepare the Preliminary Assessment and to report on its results. The following summary is provided in the context of a Preliminary Assessment as defined under Section 2.3 (3) of National Instrument 43-101 and in compliance with its requirements.

The Preliminary Assessment is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the preliminary assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

If i had the funds i would buy 100,000 ASN shares for 30c:(

[paul29]

ASIAN MINERAL RELEASES PRELIMINARY FEASIBILITY STUDY
FOR BAN PHUC NICKEL PROJECT

Yesterdays announcement is good Clearly the project is viable and very profitable at current nickel and copper prices. The flow through of this value to both AMR and Widespread shareholders depends on AMR's ability to bring the project to fruition in timely fashion.

[rmbbrave]

Widespread provides copy of 2005 annual report.

...and the SP jumps 30% !

It must have been some report. Does anyone know what it says?

[Abel]

Hi rmbbrave,

I do not think yesterday's greater than 30% jump had anything to do with the filing of the 2005 annual report with the NZX.

WPL is traded very thinly and therefore is subject to volatility. Before yesterday, the last trade was 1.6 cents (historically very low) which occured about a week ago and since then the buy/sell quotes had been bidding up so a jump was on the cards. If anything - the jump probably had a lot more to do with the Full Year Announcement of 23 May 2005 which contained the very compelling WPL story.

DISC: Hold WPL

[KentBrockman]

In regard to this 'Bonus issue' that just occurred:

"The Company intends once again to continue the tradition of making a small bonus issue. However, as Widespread Portfolios does not have the shareholder reserves to make a bonus issue it has been resolved to split the shares on the basis that every existing 10 shares become 11 shares, in effect a 1 for 10 bonus issue."

Is there any tangible benefit to shareholders resulting from such a reconstruction, other than the purely cosmetical increase in the number of shares that one holds (while maintaining the exact same share in the company)?

Is this designed merely to impact on impressionable minds or is there an underlying purpose for such a bonus issue which I am missing???

[I.T.Ancient]

Good question. 1 for 10 bonus issues have a happy history for GPG shareholders, but really there seems to be no point other than the psychological.

[Lawso]

Purely cosmetic, I reckon. But one day . . . who knows?

[mineinsights]

Private Placement at 1.71c $500,000 raised.
:)
ASN.V
is coming along very well and hopefully WID will continue to support the mine development.

VAA.V
Duas Barras Brazil Alluvial Deposit is undergoing sampling at present.


VAA Corporate Profile

Vaaldiam Resources Ltd. is a Canadian company engaged in the development of diamond deposits. Management's goal is to develop Vaaldiam into a leading producer of high quality diamonds, through the systematic exploration and development of properties that are situated in some of the world's most prospective regions, with emphasis on early cash flow and rapid return on investment.

Management will follow a strategy of exploring for both kimberlite and alluvial diamond deposits in areas that have a history of significant diamond production. Coincident with the Company's exploration for primary kimberlite deposits, the Company will also pursue the development of relatively low cost, low risk alluvial diamond properties to production. Cash flow provided by the alluvial diamond production, together with a portion of proceeds derived from equity financings, will be utilized to finance the Company's exploration ventures.


Property Location Deposit Type Interest Status
Pimenta Bueno Brazil Kimberlite & Alluvial Deposits 100% Advanced Exploration; 33 Kimberlites; 9 to be Bulk Sampled; J.V. with Rio Tinto (to spend $12.5 M over 3 years)

Duas Barras Brazil Alluvial Deposits Option to Earn 70% Feasibility Study: Indicated Resource of 600,000 carats at US$150-$220 per carat
Brauna Brazil Kimberlite & Alluvial Deposits 60% 14 Diamondiferous Kimberlites
CAR Projects Central African Republic Kimberlite & Alluvial Deposits 100% Early Exploration - Sampling for Alluvial & Kimberlite Deposits
Otish Mountains Prospect Canada Kimberlite Deposit Option to Earn 60% Early Exploration - Follow-up Till Sampling & Drilling

[Lawso]

Incidentally, I notice that the code for Widespread is now WID, not WPL.

Lawso they got tired of being mistaken for Woodside Petroleum Ltd.

[Lawso]

From today's NZ Herald. I think Jenny is a pretty sound and also indepednent analyst. Interesting that she should latch on to this penny dreadful and regard it as worthy of a full article.





Jenny Ruth: Nickel venture looking good for Widespread

09.09.05

You wouldn't know it from its share price, but Widespread Portfolio investments has made significant progress since its backdoor listing through the shell of stockbroker NZIJ in late 2003.
Widespread's shares are languishing at 1.8c, having peaked at 3c early this year, well in penny dreadful territory.
Its biggest investment, a 13 per cent stake in Asian Mineral Resources, which accounts for 67 per cent of Widespread's portfolio, has finally made tangible progress.
When Widespread got involved in AMR in 2000, project originator Terry Bates had been trying for over a decade to get his Ban Phuc nickel prospect in Vietnam into production with scant sign of progress.
Since Widespread's listing, AMR has also gained listed status, joining the Toronto Stock Exchange early last year.
While Bates remains an AMR shareholder with a 12 or 13 per cent stake, a whole new management team has been put in place headed by chief executive David Woodhouse, formerly a resources banking director at Macquarie Bank.
AMR has also raised C$12.5 million ($15 million) since listing, the last C$5 million in mid-July, which has allowed it to fund further exploration and to increase its stake in the project from 70 per cent to 90 per cent.
A final feasibility study is nearly completed and the company expects to file a mining licence application late this month or early next month.
Chris Castle, who founded Widespread in 1989 as a share club for friends after the 1988 collapse of his Charter Corp in the wake of the sharemarket crash and who is also an AMR director, said being listed on a recognised exchange was a crucial step in making it possible for AMR to raise such capital.
A preliminary feasibility study resulted in a discounted cashflow valuation of C$111.1 million at current commodity prices - nickel is trading at more than US$7 ($9.9) a pound - and AMR's share is worth C$96.9 million or C$2 a share. Assuming the nickel price drops back to US$5 a pound, AMR's share would still be worth C$43.1 million or 95.1Cc a share.
Castle expects it will take about three months to get the licence.
While not a sure thing, Carter says AMR has good relationships with the relevant government authorities and the awarding of a licence to fellow miner Tiberon Minerals in early July signals Vietnam is willing to encourage foreign investment.
It should also help that AMR is using the same legal team that Tiberon used. Assuming it gets a licence, AMR will be starting production by the third or fourth quarter of next year, Castle says.
In the meantime, AMR will have to put all the relevant infrastructure in place, including increasing its staff from 25 to about 300 - 270 of which will be based at the mine itself.
Despite this, AMR's shares have fared even worse than Widespread's, falling from C$1.10 when it listed to as low as 21Cc in late April.
When Widespread issued its annual report for the year ended March, directors valued the AMR stake at $5.06 million when the market value was only $2.72 million or about 30Cc a share, causing auditors Sherwin Chan & Walshe to tag the accounts as having "fundamental uncertainty".
"Adjustments may have to be made to the valuation of this investment if the recoverable reserves are not mined as expected," the auditors said.
Castle argues that the AMR stake isn't for sale and that if anyone wants to take over Widespread, they will have to pay considerably more than the present share price.
"The market price is really irrelevant."
He cites the example of Australian-listed Oxiana, whose shares have risen from around the 12Ac level to A$1.17, giving it an A$1.6 billion ($1.7 billion) market capitalisation.
"The people who developed that mine are the same people who came into AMR, the same engineers and consultants. I

[Lawso]

quote:Lawso they got tired of being mistaken for Woodside Petroleum Ltd.
And I don't suppose Woodside were all that rapt over being mistaken for Widespread;)

[I.T.Ancient]

Offer to Existing Shareholders of up to $5,000 worth of Widespread Portfolios
Limited ordinary shares at 1.71 cents a share

The directors of Widespread Portfolios Limited wish to advise that they have
today deposited a short-form prospectus with the Registrar of Companies in
New Zealand in respect of an Offer to existing shareholders of up to $5,000
worth (per shareholder) of Widespread Portfolios Limited ordinary shares.

The offer was announced to the market on 11 October 2005 and the record date
for the offer is 5pm tomorrow (Wednesday, 26 October 2005). Shareholders as
at the record date will be sent an investment statement and an entitlement
and acceptance form by no later than 2 November 2005 and the offer will be
open for acceptance until 5pm, Wednesday, 30 November 2005. The allotment of
new shares and issuing of statements to shareholders who accept the offer
shall be completed by 7 December 2005. The offer is non-renounceable.

WTF?????

[Tomahawk]

Finally....

Asian Mineral Resources Limited Completes Ban Phuc Nickel Project Feasibility Study

Asian Mineral Resources Limited (“AMR") announced today the completion of the Feasibility Study on the Ban Phuc Nickel sulfide Project in Vietnam (the “Project”) by Ausenco Limited and a team of consultants and contractors. The positive results of the Feasibility Study support the development of a 200,000 tonne per year underground mining operation and conventional sulfide flotation plant to produce a nickel and copper bulk concentrate.


“We are very pleased with the results of the Feasibility Study”, said Mr David Woodhouse, President and CEO of AMR. “This milestone provides AMR with a solid foundation to advance to construction and development of Ban Phuc. The quality of our Project, the exploration potential nearby, and the positive business atmosphere in Vietnam can also be expected to support our efforts to arrange financing for the Project.”


The economic parameters of the Study ‘base case’ mine plan are:

Measured and Indicated Resources 1.23mt @ 2.77% Ni, 1.13% Cu, 0.09% Co

Inferred Resources 0.26mt @ 2.43 %Ni, 1.16% Cu, 0.09% Co

Mine life 5.25 years

Proven and Probable Reserves 1.01 mt @ 2.4% Ni, 1.0% Cu

Metallurgical recovery 85.5% Ni, 95.7% Cu

Nickel metal in concentrate (contained) 21,201 tonnes

Copper metal in concentrate (contained) 9,915 tonnes

Start-up Project Capital US$33.6 million

Long term nickel price US$4.00 per lb.

Long term copper price US$1.00 per lb.

Average operating cash cost (Ni) US$2.99 per lb. (net of Cu credit)

Net Cash Flow (EBIT) US$31.2 million

Internal Rate of Return (IRR) 27%


The substitution in the "base case" economic parameters of an approximately current nickel price of US$5.00/lb. and a copper price of US$1.15 would produce:

Net Cash Flow (EBIT) US$64.1million

Internal Rate of Return (IRR) 51%

[Tomahawk]

Full announcement on NZX

REL: 0957 HRS Widespread Portfolios Limited

MINE: WID: Widespread's Asian Minerals reaches major milestone

New Zealand Exchange Limited
P.O. Box 2959
Wellington

16 November, 2005

Dear Sir,

Widespread's Asian Mineral Resources finalises Vietnamese Nickel Mine
Feasibility Study

Widespread Portfolios presently holds 13.5% of TSX.V listed Asian Mineral
Resources, with this shareholding representing approximately 64% of total
assets. Yesterday in Canada Asian Minerals announced that it had successfully
completed its Ban Phuc Nickel Project Feasibility Study.

More significantly, Asian Minerals and its Vietnamese partners have, based on
the outcome of the Project Feasibility Study, resolved to proceed with the
mine development (subject to the gaining of the necessary government
consents). (The announcement is copied in full below).

This announcement is very good news for both Asian Minerals and Widespread
Portfolios.

The salient points to be drawn from the Asian Minerals announcement are:

? The completion of the project feasibility study is itself a major
milestone and has been achieved in a relatively short time frame for a
project of this magnitude.
? The feasibility study (prepared by a number of independent consulting
groups specialising in, inter alia, geological resource interpretation,
metallurgical analysis, mine design, plant design and environmental studies)
concludes that the project is both feasible and profitable at much lower
nickel and copper prices than are presently prevailing.
? If present metal prices prevail, the mining operation should be
highly profitable and the implied project value will be significantly higher
(circa NZ$93 million).
? Asian Minerals will hold 90% of the project and Widespread holds
13.5% of Asian Minerals.
? These figures relate only to the proposed initial small scale
(200,000 tonnes per annum) underground mine which focuses on the high-grade
massive sulfide nickel deposit. This deposit is surrounded by a much larger
resource of lower grade nickel which could be mined profitably if nickel
prices remain high.
? If a decision is made to mine this lower-grade nickel deposit, annual
mine throughput could be in the order of 1.5m tones per annum, a production
increase of more than 700%.
? As this nickel is lower grade it will not be as profitable to mine as
the high grade massive sulfide deposit, however, a decision to proceed with
this expansion case would only be taken if it were expected to significantly
increase overall project profitability.
? Asian Minerals has advised that it is in discussions with project
financiers and with smelter groups interested in buying the nickel and copper
expected to be produced. The company has also applied for Vietnamese mining
and related approvals under the auspices of its 1993 Foreign Investment
License.
? Approval to proceed is expected from Vietnamese authorities early in
2006 and, assuming this timetable is met, production is expected to commence
early in 2007.

The board of Widespread Portfolios congratulates the board and management of
Asian Minerals in achieving this major milestone and looks forward to
participating in the future successes of the company.

For and on behalf of the Board,

Linda J Sanders
Chairman

Takaka, 16 November 2005

Suite 1780 / 400 Burrard Street Suite 304B / 30
Nguyen Du Street
Vancouver, BC, V6C 3A6, CANADA Hanoi, VIETNAM
Telephone: + 1 604 669 1446 Telephone: + 84 4 943 3462
Facsimile: + 1 604 689 1288 Facsimile: + 84 4 943 3460
Internet: http://www.asianminres.com Email: info@asianminres.com

November 14, 2005
ASN:TSX.V

ASIAN MINERAL RESOURCES LIMITED COMPLETES
BAN PHUC NICKEL PROJECT FEASIBILITY STUDY
Asian Mineral Resources Limited ("AMR") announced t

[Lawso]

quote:Full announcement on NZX
Quite. So why clutter up this thread?

[The Examiner]

Lawso,

Tomahawk seems to have picked up the AMR announcement made in Canada yesterday and posted it here before Widespread could re-release it here today, which we did mid morning, including our commentary on the WID related implications of the AMR announcement. I'm sure you are aware that Widespread is obliged to make ongoing announcements of this nature under our NZX continuous disclosure obligations. Hence the repetition as Tomahawk helpfully picked up the version which included our commentary.

Cheers,

Chris Castle

[I.T.Ancient]

So now the 5K offer at .0171 is looking more attractive. Glad I didn't biff it.

Still don't understand why the 11/10 announcement didn't show up on ASB Securities list - it still isn't there.

[rmbbrave]

Widespread tips progress on mine
21 November 2005
By SUE ALLEN

Wellington investment company Widespread Portfolios says its main investment, a Vietnamese nickel and copper mine, could be in full production within two years.


Parent company Asian Minerals has announced that a feasibility study into the Ban Phuc mine concluded it was capable of producing up to 200,000 tonnes of nickel and copper ore. At current nickel prices, that would mean revenues of between US$20 million (NZ$29 million) and US$30 million in its first year, Widespread director Chris Castle said.

The company hoped to have final Vietnamese mining approvals by early next year and production starting a year later. The high-grade deposit is surrounded by lower-grade nickel, which could also be mined profitably if nickel prices remained high.

Mr Castle said he was "chuffed" the feasibility study had been completed. "It's been a huge punt."

Widespread Portfolios holds a 13.5 per cent stake in Asian Minerals, a Canadian-listed company, which makes up 64 per cent of Widespread's portfolio.

[Lawso]

If CC turns out to be as good an investor as he is a communicator he might make us all rich one day ;)

[roaddog]

1.7 cents looks like a good buy dudes or Asian Mineral Resources @ 30c--40c [?]

[KentBrockman]

http://www.resourceinvestor.com/pebble.asp?relid=14879

Excerpt

"Cambrian intends to support AGD to develop into the leading base and precious metal company of the Cambrian group.

The significant assets within the portfolio to be sold comprise:
#183; 17.5 per cent. of Vulcan Resources Ltd (ASX: VCN);
#183; The rights to earn 40 per cent. of Khumo Nickel Plc, a subsidiary of VCN
that is exploring the Khumo nickel prospect in Finland;
#183; 42.5 per cent. of Daytal Resources Plc, which has the right to acquire
the Los Santos tungsten deposit in Salamanca Province, Spain;
#183; A $5 million convertible note in Asian Mineral Resources Ltd (TVX: ASN)
that owns 90 per cent. of the Ban Phuc nickel deposit in Son La
Province, Vietnam; and
#183; Shares in a number of gold exploration companies with active exploration
interests in Australia and Vietnam."

Is there any significance in this?

[Mick100]

Following the completion of both the Purchase Agreement and the Placement the Company (Cambrian Mining) will hold approximately 75.6 per cent. of the issued share capital of AGD.

=======================================

Cambrian Mining have a proven track record of successfully fast-tracking projects which they get involved with. A well managed and well resourced company indeed. So I guess Widespread has a little bit to gain from this association with Cambrian. Still, it begs the question - why bother with a company like Widespread when you can put your money in a company such as Cambrian.
,

[croesus]

Mick you may have a point re investing in Cambrian, I do not know much about them, so will do some research.
According to Widespread their NTA has increased by a average of 17.5 % " Our average annual return since 1989".... so I guess that begs the question what return has Cambrian generated. Do you know ?

Regards Croesus

[I.T.Ancient]

Not forgetting (and clearly Roaddog has not forgotten) that Widespread's NTA is, how shall we say, based upon certain assumptions. Which if true make ASN a very good buy on the tsx right now.

[Mick100]

I'v only been interested in Cambrian for 2 yrs and the return has been far better than 17% pa
Even get a div this yr.

The question you should really be asking is what are the next 10 yr returns expected to be.
Again I would back Cambrian to do far better than Widespread.
,

[croesus]

Diamonds are a WID shareholders best friend, hopefully, if this announcement out of Brazil posted by Widespread today is as good as it sounds.

[paul29]

Dear Widespread Shareholder,

Please see below an announcement from VAA which has pushed their share price in Canada up from 71 cents yesterday to a peak earlier today of 90 cents.

Regards,

Chris Castle
Director - Widespread Portfolios Limited




New Zealand Exchange Limited
P.O. Box 2959
Wellington



13 January, 2006

Dear Sir,

Widespread’s Vaaldiam Resources discovers potential new source of diamonds Widespread Portfolios Limited holds 2.1% of Canadian listed Vaaldiam Resources Limited and our holding presently represents 18% of our share portfolio at its present market value.

Vaaldiam made the following press release yesterday in Canada which, as we consider it to be significant news for both Vaaldiam and for Widespread Portfolios, we are now releasing to the New Zealand Stock Exchange.



On behalf of the board,



Chris Castle

Director







NEW KIMBERLITE DIKE DISCOVERED ON BRAUNA PROPERTY



Vaaldiam Resources Ltd. (VAA – TSXV) (60% interest) and partner Majescor Resources Inc.

(MAJ – TSXV) (40% interest) have discovered a new kimberlite dike on the Brauna diamond property, situated in the state of Bahia, northeastern Brazil. The new kimberlite occurrence was discovered during prospecting in the Itapicuru river area, situated in the southern part of the Brauna property, a location known as the “Garimpo do Bastião”, the site of substantial alluvial diamond and gold exploitation during the 1940s and 1950s. The new kimberlite dike, named Brauna 17, was exposed in a surface trench located just 50 metres from the Itapicuru River. The dike exhibits a width of 1.0 metre and strikes in an east-west direction, roughly perpendicular to
the northwesterly trending kimberlite dike system which hosts the Brauna 3, Brauna 4 and Brauna 7 kimberlite pipes. The exploration program on this dike will focus on determining if the dike might
be the primary source from which the diamonds recovered from the “Garimpo do Bastião” eroded.A map showing the location of the new discovery is available on Vaaldiam’s website at

http://www.vaaldiam.com/pagefind.php?id=39.

The Brauna project comprises three exploration concessions which now encompass four known kimberlite pipes, or blows associated with a system of kimberlite ****s that have been traced over a distance of approximately 15 kilometres. Based only on the surface exposures, the pipes range in area from 0.50 hectares at the Brauna 7 pipe, to 2.0 hectares at the Brauna 3 pipe.Surface exposures of kimberlite within the **** or fissure systems indicate widths ranging from 0.7 metres at the Brauna 6 occurrence, to 5 metres at the Brauna 8 occurrence.

Drill Program Underway

Core drilling of the Brauna 3 kimberlite pipe started in December 2005 with three holes completed. Vertical drill hole BRA01-01 tested the south lobe of the Brauna 3 pipe, and was drilled to a depth of 201.45 metres intersecting 188.95 metres of kimberlite. Drill holes BRA03-02 and BRA03-03 were also vertical holes which were drilled at the west and eastern margins of the magnetic anomaly that is associated with the Brauna 3 pipe. Hole BRA03-02 was drilled to a
depth of 109.00 metres, intersecting approximately 83 metres of kimberlite with intercalations of granite, indicating that the hole was drilled along the eastern margin of the pipe. Hole BRA03-03
was drilled to a depth of 63.60 metres and defined the western margin of the pipe, having intersected approximately 25 metres of kimberlite, with granite intercalations before ending in granite. Two angled drill holes are currently being completed. Drill hole BRA03-04 is being drilled to the northwest from the location of drill hole BRA03-01, to determine whether the north and south lobes of the Brauna 3 pipe are connected. The hole is currently in kimberlite at a
down-hole depth of 93.70 metres, having intersected the top of the pipe at a vertical depth of approximately 3 metres. Hole BRA03-05 is an angled hole that is being drilled in a northeasterly
direction from the locatio

[duncan macgregor]

Then true to form a bit of good news the sp drops. May have to start ramping this penny dreadfool i picked it in the contest.
discl nil macdunk

[KentBrockman]

quote:
"Please see below an announcement from VAA which has pushed their share price in Canada up from 71 cents yesterday to a peak earlier today of 90 cents."


Based on exactly 1 (one!) trade. LOL!

[paul29]

Symbol Price $ Chng % Chng Volume Exchange*
VAA 0.850 +0.100 +13.33 642,500 VN

KentBrockman,

Vaaldiam Resources Ltd still a good volume 642,500 shares traded and the share price would be up over 100% on what Widespread Portfolios Limited paid for there share holding in Vaaldiam Resources

[KentBrockman]

Well, it's beginning to look a lot better with Olympus and Vaaldiam up significantly. All it takes now is some tangible good news for ASN (e.g. not just another 'feasibility study'), and this baby will be ready to roll.

[Nevl]

Yep just checked the Toronto Stock exchage. VAA is now at $1.35. up 50% since the announcement. This is WID's largest investment so hopefully will see this reflected in shareprice soon. Have just brought a bundle. Sometimes with a widespread portfolio the good news gets lost but momentum seems to be building.

[Nevl]

ASN is at 0.48 so still not at the level WID values it at but i guess we are just waiting for the Vietnamese govt permission to start mining. With Commodities at the level they are now this could be a sweet run especially as it is a short 5 year project with potential of a followup if prices remain firm.

[paul29]

Widespread Portfolios Net Asset backing increases 9.5% in four weeks


The value increases are being driven principally by gains in Widespread Portfolios trading portfolio and Widespread Portfolios Vaaldiam shareholding.

Advice of Widespread Portfolios (NZSX code “WID”) Net Asset backing per share



Widespread Portfolios advise that the unaudited net asset backing per Widespread Portfolios share as at noon today was 2.31 cents compared with 2.29 cents a week ago and 2.11 cents 4 weeks ago.

[Xerof]

Just to put the record straight, VAA represents only 15.9% of the WID portfolio, providing the modest increase in net asset backing seen lately.

ASN is the largest investment at 63.8% (Sept 2005).

ASN still remains on the books at a higher value than market, as far as I am aware, so wouldn't be expecting any fireworks until the mkt price of ASN gets well above book value - soon hopefully[:p]

Xerof

[bear]

Xerof .. you are correct in the percentages ... ASN is by far the largest holding

Things appear to be coming to fruition ... we just need ASN to start moving with some action on the ground

Nb The NTA would have been even higher as it includes the recent placement at 1.71 cents

Bear

ps does anyone know what is in the trading portfolio

[Nevl]

Yes sorry I was wrong and got my percentages mixed up. ASN is the largest holding.VAA is much smaller but catching(hopefully)

Thanks for the correction

[Mr D C]

ASN last traded at 48cents on TSE (tse.com), 4 cents off 52 week rolling high price.
Guess there is some expectation building about a new announcement how the Vietnam nickel mine is going based on the below extract from November 05 announcement;
"Approval to proceed is expected from Vietnamese authorities early in
2006 and, assuming this timetable is met, production is expected to commence
early in 2007".

[paul29]

Advice of Widespread Portfolios (NZSX code "WID") Revised Profit Forecast to
31 March 2006

In our half year report to shareholders released on 21 November 2005 we stated that likely outcome for the year to 31 March 2006 will be a deficit of approximately $230,000.

Since then, trading conditions in mining markets overseas, particularly Canada, have been exceptionally buoyant and Widespread has taken advantage of this. A number of trading stocks have been sold profitably as well as a small part (19%) of our Vaaldiam shareholding.

Accordingly we are now forecasting a small profit for the 12 month period to 31 March 2006. The size of this profit will depend on what extent we realise further share-trading profits during the next 7 weeks.

As the company's stated objective is not to make realised trading profits on a regular basis but to hold assets that appreciate in value, our ultimate result for the period will depend on whether we consider, or not, that our present investments have further upside potential. In the present buoyant market conditions we are more likely to hold than sell.

Clearly our portfolio is under constant review and the sell or hold decision will be regularly revisited in the context of both market conditions and the individual circumstances of each of our portfolio investments.

[The Examiner]

Hi Sharetraders,

WID has updated the portfolio percentages on the website.

Quoting directly from the website they are:

"Asian Mineral Resources (www.asianminres.com) comprises 58.2% of our investment portfolio.
AMR is a Vietnam based nickel explorer.

Vaaldiam Resources Limited (www.vaaldiam.com), 20.7% of the portfolio, is a diamond explorer
active in Brazil. It is listed in Canada.

Zedex Limited (www.zedex.com.au), 6.0% of the portfolio, is a Vietnam gold explorer
seeking a listing on the ASX.

King Solomon Mines (www.kingsolomonmines.com), 1.8/% of the portfolio,
is a gold and base metals explorer active in Mongolia.

The balance of the investment portfolio comprises trading stocks and cash"

By way of additional comment we haven't held any OYM for two years but obviously have an indirect interest via Zedex.

Finally, a special note to Kentbrockman. As professional mining investors we get a special buzz from wasting our hard earned dollars on needless feasibility studies and plan to commission a few more to waste the rest of our funds. Any way you could help us with this would be most appreciated.

Regards and best wishes to all - may this mineral boom continue and be the best of them all.

CC

[Nevl]

Thanks for the update CC it is nice to have a director keep us informed and contribute to the forum. Looking forward to the profit announcement!! Keep up the good work.

[paul29]

The Company's current investments are:
Asian Mineral Resources - Nickel/Copper deposit in Vietnam (58.2% of the portfolio)
Vaaldiam Resources - Diamond explorer in Brazil, Central Africa & Canada (20.7%)
Zedex Limited - Gold explorer in SE Asia currently seeking Australian listing (6.0%)
King Solomon Mines -Gold & base metals explorer in Mongolia (2.0%)
Cash & Trading Stocks (13.2%)






11 February, 2006
New Zealand mineral explorer King Solomon Mines plans a private placement to raise $600,000 next week ahead of a A$10 million ($11 million) IPO in Australia in July.The placement will not be open to the public and only a select few "high net worth individuals" have been approached. King Solomon's main assets are in Chinese-controlled Inner Mongolia.

The company is 18 per cent owned by Stephen McPhail, a former executive with Todd Energy's exploration arm, and 15 per cent by Bruce Bell, who was an executive director in Australian-listed mining companies Sigma and Delta.Bell and McPhail had a company called High Lake Resources which they listed in Australia in the 1990s and it was taken over by Ballarat Goldfields in 1998. Ballarat has a market capitalisation of A$540 million.King Solomon's main shareholder, with 28 per cent, is Mongolian national La Fu. New Zealand listed company Widespread Portfolio has a 10 per cent stake.Next week's placement will increase the company's capital by 16 per cent. The shares are being issued at $1.80 each.

McPhail said their interest in Mongolia was sparked six years ago when they were approached by La Fu in Australia to look at his gold mine - "a primitive operation" - and quickly realised that the real potential was elsewhere. The company now has two other gold prospects plus nickel and copper projects.

[Nevl]

CC says that there will be a profit of $900000 for the full year. Gives a PE of about 8. Can he repeat the effort next year??

Anyway well done and excellent trading over the last month Chris.

[shasta]

Lets hope this has some upward effect on the share price then & we see > 2c!

[Nevl]

well Zedex listed at a 10% premium not bad considering it is just a few days after the commodities selloff in Aussie. I like this share I think CC is doing a good job and I think I will put it in a bottom draw for a while and forget about it.

[croesus]

Racing away, after absorbing the 1/10 last Friday

[bear]

also interesting is that holders now have a stake in Widespread Energy not Widespread (newco). No cash or investments at present tho so still worth nothing - but hey i got them for free

Will be intersting to see what is planned around the capital raising

[KentBrockman]

http://www.nzherald.co.nz/section/story.cfm?c_id=3&ObjectID=10390007

Do I remember correctly that WID has some significant stake in this
outfit?

If so then the above looks pretty good [8D]

[croesus]

Hope your right Kent, I don't remember........maybe the Examiner or one of his minions could advise.......shame WID has'nt got a stake in AUM

[bear]

Kent

Widespread do have a stake in Glass Earth - not sure of the percentage or amount but its part of the new strategic investments (these strategic investments make up less than 10%) according to the annual report

bear

[KentBrockman]

quote:Originally posted by bear

Kent

Widespread do have a stake in Glass Earth - not sure of the percentage or amount but its part of the new strategic investments (these strategic investments make up less than 10%) according to the annual report

bear


Well, then let's hope for the best.

[rmbbrave]

I have 242,000 of these little penny dreadfuls and I'm a waitin' for them to hit $1.00 a piece.

[croesus]

10cents would make me very happy.

[Farouk]

I've got 542685 and $1 each could mean that I could retire. Thanks

[KentBrockman]

Now, is this good news or bad news? Seems like ASN cannot even be sure that their exploration license will be renewed?

" VIR-news
Mine licence boost

By Bich Ngoc

The achievement of the latest exploration report review and approval from the Ministry of Natural Resource and Environment resource Council in June is a basic milestone for the Ban Phuc Nickel Mines joint venture to obtain the renewal of its exploration license.
Talking to Vietnam Investment Review last week in Hanoi, David Woodhouse, chief executive officer of the Asian Mineral Resources and general director of the Ban Phuc Nickel Mines joint venture, said the licence was the key factor for him to continue the project.
�gWe need the licence as soon as possible, in order to take the opportunity to go further ahead with the project,�h said Woodhouse.
�gThe licence would be a huge step for the Asian Mineral Resources (AMR) to endorse our development and the feasibility study,�h he added.
The feasibility study, according to Woodhouse, has been finished since 2005 and was a professional, feasible and bankable one, which would be a good thing for the joint venture to raise funds for the project.
The funds will be raised from international sources, including bankers and investors.
The process to obtain this exploration renewal licence was begun and submitted to the Ministry of Planning and Investment (MPI) a year ago and Woodhouse hoped to receive the licences at the end of this year.
An official from MPI said that the procedures to grant a renewal licence for the joint venture was in process.
�gWe can not confirm when we can release the licence yet but I think we must wait for a little more time in settling down all documents,�h said the official.
Woodhouse said that it was high time for the joint venture to speed the project up for two reasons. World nickel prices are at the highest level in the past 10 years and world demand is also increasing, especially in China with its huge population.
Woodhouse confirmed that he had already met all requirements raised by the Ministry of Planning and Investment and he hoped he could receive the licence soon.
�gThe later we receive the renewal licence, the greater risks we face, and we must take our opportunity,�h he added.
Everything preparing for the exploration task has been readied. �gWe can immediately take further steps as soon as we get the renewal licence,�h he said.
According to the statement from AMR, the geological significance of both the company�fs high grade massive sulfise and large disseminated resource inventory at Ban Phuc were confirmed.
The study supports the economic development of a 200,000 tonne per year underground mining operation and conventional sulfide flotation plant to produce a nickel and copper bulk concentrate.
Asian Mineral Resources Limited is a mineral exploration and development company that has been actively exploring in Vietnam from 1993.
The company was granted an investment licence to explore for and develop nickel and copper deposits over a large prospective mineral concession.
It set up a $20 million joint venture - Ban Phuc (sulphide) Nickel Project, with the Central Mineral Development Company (20 per cent) and local Son La Mechanical & Engineering Company (10 per cent).
The Ban Phuc deposit is located at the geographical centre of the Ta Khoa concession with the other prospective targets situated in the surrounding region.
The company is listed in Canada on the TSX Venture Exchange and trades with the stock symbol �eASN�f.
So far only three foreign investors are exploiting the potential of Vietnam: the ASN with the nickel project in Son La province, the Olympus Pacific Minerals Inc. to explore Bong Mieu gold mine in Quang Nam province, and the Nui Phao Mining Joint venture born by Tiberon Minerals Ltd. to exploit and process tungsten, fluorspar, bismuth, copper and gold in Dai Tu District, Thai Nguyen Province.



No. 769/July 10-16, 2006"

[The Examiner]

Kent,

It's a poor written article.

The exploration license relates to the other parts of the 150 square kilometre Ta Khoa concession and to the disseminated sulfide section of the Ban Phuc nickel deposit. Its grant is unrelated to the mining licence application which covers only the massive sulfide section of the Ban Phuc deposit.

AMR has applied for the exploration license in order to further delineate nickel reserves to be mined AFTER the massive sulfide deposit has been mined (in 5-7 years time) The Ta Khoa concession contains a number of Ban Phuc lookalike nickel/copper deposits and it is likely that the processing plant at Ban Phuc will be operating for many years hence.

I trust that clarifies matters.

CC

[croesus]

Thanks Chris.
Looking forward to a positive and benchmark year for WID.
regards Croesus

[oldowl]

ASIAN MINERAL RESOURCES INCREASES OWNERSHIP TO 90% OF THE
BAN PHUC NICKEL PROJECT, VIETNAM
Toronto, Ontario – July 18, 2006 – Asian Mineral Resources Limited (TSXV:ASN) announces that it has acquired an additional 20% project ownership in the Ban Phuc Nickel Project (“Project”), Vietnam for US$2.5 million. The 20% interest acquisition from founding joint venture partner, Mineral Development Company, was made in accordance with the terms of the July 12, 2005 definitive Purchase Agreement, thereby increasing ASN’s interest to 90%. The remaining 10% Project ownership will continue to be held by the Provincial based joint venture partner, Mechanical Engineering Company of Son La Province, Vietnam.

ASN has secured its 90% Project ownership by making the required payment of 80% of the purchase price. The final payment is due on the issuance of mining approvals for the Project which are expected before the end of the year. The Vietnamese Ministry of Planning and Investment has issued an amended Foreign Investment License that encapsulates ASN’s new 90% ownership position.

“I’m delighted with this result as it clearly demonstrates ASN’s capability to transact business in Vietnam and increase shareholder value ahead of the Project’s construction and development”, said Mr. David Woodhouse, President and CEO of ASN. “Our joint venture partners and all levels of the Vietnamese Government have been enormously supportive of ASN, a positive testament to a burgeoning Vietnam.”

[rmbbrave]

Widespread shareholders enjoy 18.6 per cent growth

11.40am Monday July 31, 2006


Mining sector venture capitalist Widespread Portfolios today said it had celebrated its 18th birthday with a growth rate for shareholders of 18.6 per cent.

Managing director Chris Castle said a $1000 investment with the company in 1989 was now worth $10,000, "excluding any new share issues".

"We started as a corporatised share club - 40 mates who collectively invested $202,000 of money we were prepared to lose.

"The company is now worth more than $10 million."

Last month, Widespread invested a further $300,000 in Inner Mongolia explorer King Solomon Mines (KSM).

The investment was part of a private placement financing by privately-owned and New Zealand-registered KSM which raised a total of $1 million.

Mr Castle said another of the company's two major investments, Asian Minerals (a Vietnam nickel miner) is expected to secure its mining license by December 31.

"The high price of nickel could mean it would make some of its lower grade ore deposits economic to mine, in addition to the higher grades on which the license application was based," he said.

KSM is planning to list its shares in Australia by the end of this year.

Its exploration projects included three sets of gold bearing tenements and a potential copper discovery.

Widespread shares were untraded at 2.2c this morning.

Over the last year, they have hit a high of 2.3c and a low of 1.4c.

- NZPA

[Lawso]

Will WID prove to be the next AUM? - you know, the Aussie mining stock that turned Possy and a few others into millionaires!

Well, maybe not yet. But things are looking promising. WID's various investments in the mining sector are only in the exploratory stages but Chris Castle told shareholders at the agm in Wellington on Sunday that if (1) Asian Mineral Resources (WID's biggest investment) gets its licence to mine nickel in Vietnam by the end of this year, and if (2) King Solomon Mines, which is prospecting for gold and copper in Inner Mongolia, lists on the ASX in November at AUD5.00, then WID's net assets per share will rise 91.8% to NZ4.21c. What the figure might be if and when the mines are in production is anyone's guess.

Net assets now stand at $10.2m (up from $7.4m a year ago). CC said the original investors have enjoyed an annual (compounded) rate of return since 1989 of 18.6%. Read more on www.widespread.co.nz

At this stage WID is perhaps only a place to stash some play money. But it could pay off big time one day. And even if it doesn't, they have a great annual meeting, with lots of good wine and nibbles and conversation.

Of course, I'm not ramping the stock. Whatever would give anyone that idea?[:0]

[croesus]

Good Post Lawso, WID is a core holding of mine....... my view for better or worse is that it is the NZ stock to take a big Punt on. and guess what ? not a penny of debt..
just gutted I was at a after match in Napier so could'nt attend the WID party.

[Lawso]

It would have been worth the trip, croesus. Pity you couldn't make it. There were shareholders from Hawkes Bay, Auckland and one from Sydney, but of course the big majority of holders are in Wgtn.

[KentBrockman]

http://www.marketwire.com/mw/release_html_b1?release_id=149192


Does WID still hold GEL.V?

If StAndrew know what they are doing that would be a good sign for WID?

[The Examiner]

Kent,

Yes - WID still has a small, unchanged holding in GEL. And both St Andrews Goldfields and Newmont (Waihi neighbours with one already existing joint venture) seem to know what they are about.

Cheers

CC

[croesus]

Open invite to WID shareholders, I am planning a trekking/climbing Trip to the Himalayas next year after that I intend to vist Marmot Ridge (Mongolia)...anybody keen ? We could meet up either in China or Delhi or Mongolia... would expect to spend 5 to 7 days in Mongolia.
regards Croesus

[KentBrockman]

At Vaaldiam things seem to be moving ahead (http://www.freemarketnews.com/Press-Release.asp?nid=8429), though nothing appears to happen at ASN. It seems that the mining license still has not been issued?

Since all these feasability studies have been done the Nickel price has more than doubled, and over at the ASX Nickel thread they open one bottle of champaign after the other.

http://www.sharetrader.co.nz/topic.asp?TOPIC_ID=22247&whichpage=6

I wonder what's holding ASN back? Perhaps some officials in Vietnam need to be paid money so this can move ahead?

[KentBrockman]

There was an interesting article in last week's NBR, where CC was quoted saying that Widespread Energy wasn't going to be "subsidiary much longer", and that it would soon be listed on the alternative market, after it had raised a (desired) $1 million (much of it coming from WID's shareholders).

[croesus]

Kent ( or C/C if your following this thread ) I don't subscribe..to the NBR is it possible to put the article on Sharetrader.. or a link
cheers Croesus.
P/S Took up my full WID R/Ts allocation last year at 1.7 c ? very pleased I did.

[KentBrockman]

quote:Originally posted by croesus


Kent ( or C/C if your following this thread ) I don't subscribe..to the NBR is it possible to put the article on Sharetrader.. or a link
cheers Croesus.
P/S Took up my full WID R/Ts allocation last year at 1.7 c ? very pleased I did.


Sorry croesus, but the article was only in the paper edition, not the electronic one.

WID was the NBR's "share of the week", and the gist of the article was basically that Widespread Energy's listing was imminent and that capital raising was on the cards.

[croesus]

I read it today, thanks, interesting piece. hopefully should be a big year for WID.
Croesus

[The Examiner]

Croesus,

I'm overseas at the moment but will ensure early next week that the NBR article is added to the Widespread Energy page on the WID website.

Regards,

CC

[rmbbrave]

Kiwis tap rich Vietnam vein
24 September 2006
By GARRY SHEERAN

Kiwi miners have begun producing the first new gold from Vietnam since the country shrugged off its often bitter colonial past.


Mining company Olympus Pacific Minerals has started producing 18.7kg of gold a month from its Bong Mieu mine in the central highlands, and selling it to refineries in Switzerland.

"That's not big by world terms. But it is hugely significant for us and for the Vietnamese government," said Olympus chairman David Seton.

Seton said Bong Mieu was a testing ground for a start to gold production from its nearby Phuoc Son mine, where mining will be seven times more profitable.

"We will have a feasibility report on Phuoc Son next month and we confidently expect to start gold production there in 2008. That mine will produce a bucket-load of cash," said Seton.

With no real gold mining in Vietnam using modern techniques, the government has been desperate to encourage foreign investors to explore largely untapped fields.

It has introduced new mining laws based on Canadian and Australian legislation to calm foreign investment fears about doing business in that country.

But it has been a small group of New Zealand miners and investors who have led the charge in Vietnamese gold exploration.

Olympus Pacific is a Toronto-listed mining venture, which is controlled by a New Zealand company called Zedex Minerals, the previously listed Iddison Vietnam of more than a decade ago.

Zedex was on the unlisted securities market here until earlier this year when it decided to list on the Australian Stock Exchange.

It has since raised $A5 million for its Vietnam gold projects and other investments elsewhere in Asia as well as Australia.

Seton said it had been very difficult to persuade investors to put money into Vietnam.

"It took a lot of private money, mainly from family and friends," he said.

"There's been a lot of boring slog work over the past decade, but now we are starting to see the exciting stuff," said Seton.

While gold production at Bong Mieu is a first for Olympus-Zedex and the Vietnamese government, it is not likely to be the most profitable.

Indeed, the Vietnamese government told Olympus if it got Bong Mieu to production, it would be given its licence for Phuoc Son, 70 kms to the north. That has proved the case.

Gold grade in the proven reserves of 18,700kg at Bong Mieu is between 2-2.5g per tonne.

"That is at the bottom end of the scale. But with gold prices where they are it is still worth mining," said David Seton.

But the grade of gold in the proven reserves of 8000kg at Phuoc Son was 13-14 gms per tonne.

"Mining that will be hugely profitable - and especially so since we have done the hard yards in making the transition from gold explorer to producer," said David Seton.

"Once you are in production phase, you can expand quickly after making a discovery."

Seton said he expected they would be producing 560kg of gold annually from Bong Mieu from next year.

Besides its controlling stake in Olympus, Zedex has a 2% gross production royalty over Olympus's 80% share in gold production from Bong Mieu.

Investor interest in gold mining by New Zealanders has traditionally been for the buffs. But that is starting to change with soaring gold prices.

Zedex has a shareholder register of around 650 investors, with Seton family interests figuring prominently.

A third Seton brother, John, is chairman of Zedex.

Listed Widespread Portfolios also has a 7.8% stake in Zedex.

Zexex shares last traded on the AX at A17c. Four years ago after Zedex announced gold mineralisation finds near Phuoc Son, they traded at $1 on the unlisted market here

[The Examiner]

rmbbrave,

Thanks for posting the story.

A minor correction is required, we now (mainly as a result of significant dilution by Zedex fundraising) hold only 1.92% of Zedex. At current market value it represents 5.4% of our total assets.

Cheers

CC

[sniper]

Invest with the Seton Brothers in Zedex? Ever check their background?

Ask them about the chicken farm in Vietnam, the aquaculture operation in Thailand etc....

[zigzag]

i have heard of iddison vietnam - chicken farms and water-theme parks, but i do seem to remember that prior to this they did make a good find somewhere. maybe it was in africa. i may stand corrected on this. i tend to regard these guys as eternal optimists. but that's not a crime, as long as you go into these projects with your eyes wide open.

[Toddy]

quote:Originally posted by sniper


Invest with the Seton Brothers in Zedex? Ever check their background?

Ask them about the chicken farm in Vietnam, the aquaculture operation in Thailand etc....



Hah, Forbar tried to sell me this chicken farm Vietnam stock back in about 93. Said that they owed me a favour after previously selling me some dog stocks.
Looking back, Forbarr must of had me down as a real sucker.

PS I never received a call about the FTX float. It would have made a balanced portfolio though, chicken farms and synthetic carpet.

[The Examiner]

Goodness gracious me....

Guys - do a little more research before mouthing off about the investor returns that have been enjoyed by shareholders in the various Seton-led entities. The investors have done pretty well.

As an independent investor (both personally and via Widespread Portfolios) I've got little to complain about. Fortunes could have been made (and were by some - not necessarily me) in IT Capital, Zedex and Olympus Pacific.

And the other Iddison Vietnam assets are still there and still in your hands (via another company)if you remained a shareholder in that company and its subsequent identities

CC

[artemis]

quote:Originally posted by The Examiner

Goodness gracious me....

Guys - do a little more research before mouthing off about the investor returns that have been enjoyed by shareholders in the various Seton-led entities. The investors have done pretty well.

As an independent investor (both personally and via Widespread Portfolios) I've got little to complain about. Fortunes could have been made (and were by some - not necessarily me) in IT Capital, Zedex and Olympus Pacific.

And the other Iddison Vietnam assets are still there and still in your hands (via another company)if you remained a shareholder in that company and its subsequent identities

CC


I am a happy Zedex investor. It's been a strange ride, to be sure, but the company has been pretty good about keeping shareholders informed. Anything could happen in future, of course, but Zedex is currently looking good to me.

[sniper]

quote:Originally posted by The Examiner

Goodness gracious me....

Guys - do a little more research before mouthing off about the investor returns that have been enjoyed by shareholders in the various Seton-led entities. The investors have done pretty well.

As an independent investor (both personally and via Widespread Portfolios) I've got little to complain about. Fortunes could have been made (and were by some - not necessarily me) in IT Capital, Zedex and Olympus Pacific.

And the other Iddison Vietnam assets are still there and still in your hands (via another company)if you remained a shareholder in that company and its subsequent identities

CC





Pray tell us the returns then.

IT Capital? You must be joking!

You might as well say that fortunes were made in Enron and Worldcom.

Remember your great recommendation on Tranz rail - buy them after Fay Richwhite sold down?

Zedex is sounding like the same.

[KentBrockman]

I note The Examiner has recently acquired more shares in ASN. Meanwhile, T Bates keeps dumping them, accounting for the bulk of all trading. Looks like most of all trading in ASN is done by insiders, LOL.

What's the latest on that mining license, Chris?

[The Examiner]

Sniper (one who shoots at unsuspecting victims from cover)

I will (when I return to base) respond on the IT Capital ROI question in due course - be prepared to eat quite a lot of humble pie on that - you seem to have only read the last chapter of that book. IT Capital was the top market performer one year.

Re Tranzrail - I predicted possible takeover interest due to the sell down of the FR/Wisconsin holding - I was correct, it happened. I never recommended buying the shares - just said (as I did with most other shares I discussed at that time), this situation exists and it's worth keeping an eye on. For your edification I repeat in full my column from April 2002.

[i]"Tranz Rail – a takeover target?

Tranz Rail Holdings has recently announced a series of share purchases by staff. As these purchases have been undertaken by converting options (which could presumably have been exercised at any time), it’s good news that staff are expressing such confidence.

And this week there was big step forward in the ongoing restructuring programme when bus operator Stagecoach was given permission by the Commerce Commission to be joint venture owner of Tranz Rail's Wellington commuter business Tranz Metro. The Commission declined an application from Stagecoach in December last year but reconsidered following a High Court hearing in February 2002. The Commission did not say why it changed its mind but will release its full decision next week – it could make interesting reading given the potential market dominance this gives Stagecoach.

Other recent changes could have wider implications for the future of Tranz Rail. In February, the major shareholdings in the company were sold. Both Fay Richwhite (with 15%) and Wisconsin Central (24%) exited, with these holdings being acquired by a number of predominantly institutional shareholders. There is now no one cornerstone shareholder – Colonial First State owns about 11.4%, four other institutions have 23% between them and Infratil has 7.2%.

This reorganisation of the major shareholdings is likely to be beneficial for the Tranz Rail share price for two reasons – first it removed the overhang that had been existing for some time as Fay Richwhite and Wisconsin struggled to sell their holdings. So it was no surprise to see the share price move up when the share sales were announced.

Second, with no cornerstone shareholder the company is now, for the first time since it listed, very vulnerable to takeover and the shares may attract speculative interest as a result. With over 40% held by the six top shareholders a corporate raider could easily acquire a near controlling interest and then bid for the rest of the company.

At the present price of around $4, the shares are trading, based on a range of sharebroker profit forecasts, on a prospective price earnings ratio of only 13, quite a lot lower than the average for the top 40 listed stocks. On the basis of this valuation tool the stock is on the cheap side assuming the broker forecasts are reasonably accurate.

I’m intrigued by the presence of Infratil with a 7.2% shareholding in Tranz Rail. I’m not aware of any public statements by Infratil about this holding and in any event wouldn’t expect the directors to be too forthcoming about their strategy. However, Infratil, although it may hold from time to time a number of smaller portfolio type shareholdings, usually buys much larger, strategic stakes in companies then participates actively at board and management level. The recently introduced takeover rules mean that an investor such as Infratil would probably limit its holding to less than 20% but keeping its shareholding at these sorts of levels in the past hasn’t really constrained Infratil in the past. The company has been adept at forging working relationships with other large holders (including institutions, community trusts and the like) that have effectively given Infratil control or near control.

So, I wouldn’t expect Infratil to sit indefinitely with a 7.2% shareholding in Tranz Rail – the investment w

[KentBrockman]

ASN is now slowly and steadily moving up, though on small turnover. Isn't about half of all WID money still in ASN? I wonder why the weekly reported NTA isn't rising accordingly.

Also, what's the latest on that license, Chris?

[Stranger_Danger]

Kent,

Chris can correct me if I'm wrong, but from what I know the ASN holding is recorded at a value greater than market price - this would explain why it moving up isn't impacting on weekly NTA. It would need to move past the price it is sitting at in the books to impact NTA.

Could be wrong, but pretty sure I'm right.

[I.T.Ancient]

Kent

According to the last annual report, ASN is carried at NZD89c per share - equivalent to CAD67c at the current exchange rate. So the market price has just nosed above that.

The annual report also says ".. market price of the small parcels of shares being traded (whether above or below our book value) is largely irrelevant to us and the investment will, at this time, continue to be valued in out financial stetements at ... NZD89c..". A few more trades above CAD70c, will make for an interesting test of the directors ethical fortitude. Let's hope their recognition that the market prefers positive surprises to negative surprises overcomes any temptation to hype or crow too soon.

[croesus]

Concur with that I.T. understated is better, though if it got to 77c CAD I would like the Market informed. Still bullish on this stock and expecting some good news soon.
cheers Croesus

[Stranger_Danger]

I.T.Ancient - from the Widespread website

"Nevertheless, in the interests of transparency our website will continue to show a weekly NTA per share figure based on the market value of the shareholding. In view of our appreciation of the intrinsic (and strategic) value of this holding the “market value” will however have a basement value of 89 cents a share."

This says to me that as soon as the holding is trading above the "basement value", then the weekly NTA per share figure will be based on the closing price for the week, rather than on the "basement value".

I'm not sure it is a question of ethical fortitude (although I do take your point) - the above statement discloses what the deal is so I have no problem with it. Current or prospective investors can either take it or leave it.

[I.T.Ancient]

Thanks Stranger. I didn't notice that. That is reasonable. The reported NTA is a different matter from booked profits. I would however like to see a simple list of the 'basement' prices of all the significant holdings so that the reported NTA is completely transparent. Not complaining though, owning shares in it has been a positive experience to date.

[Tyke]

I notice that ASN closed at 83c,up 10.7%, today on quite large volume (153k shares Vs a daily average of 9k) for an infrequently traded issue.

[Stranger_Danger]

Yup, it is flying. Widespread looks a lot better now that the NTA is a "real" number and if ASN keeps going they'll be sitting pretty.

[Mr D C]

Interesting announcement this morning from Widespread Energy, I assume this means approx 240K per annum will go to WID up to $5m. This will increase WID's bottom line figure;

Widespread Energy Limited
P.O. Box 231
Takaka


21 July 2006


Dear Sir,

Widespread Portfolios Management Contract

The existing management contract allows Widespread Portfolios to charge a daily rate of $2,000 for services provided to Widespread Energy Limited ("WEL").

Although this rate is reasonable (given the range and calibre of services provided) in view of the limited resources presently available to WEL Widespread proposes to charge a lower daily rate until WEL has reached a sufficient size and scale to pay a full commercial rate.

Accordingly it is proposed to vary the management fees on the following basis:

$1,000 a day until WEL assets reach $5 million, thereafter $1,500 a day until they reach $15 million, and $2,000/day from $15 million.

[I.T.Ancient]

ASN Bid=.84 Ask=.96

[Nevl]

ASN still doing well. Wonder how much better it can get

[croesus]

Lots.

Wait till they get Mining Rights....
cheers Croesus
ps maybe somebody knows more then us, bigger numbers traded and much higher share price in the last week

[Nevl]

have just picked up some more this morning. Have being checking TSX each morning to see what asn has done. A 10cps rise in ASN looks like an increase of about 0.26cps in WID so tomorrow morning close will be interesting as we will not open again till monday. A lot of shares are being off loaded at 2.3 cps in wid so a nice discount to NAV.

[croesus]

ASN must consist of 70% plus of WIDs assett base by now........purchased some yesterday and last Tue to add to my holding
On another tack, the energy offshoot lists on Monday

The other factor I like with WID is that they have no debt
regards Croesus

[Tyke]

Let's not get carried away chaps; only 100k shares in ASN traded today out of 49m on issue,although I don't know how many are in the free float.

As far as WID a massive 1.5m shares traded today but that only represents $35k.

This is a punt. I have taken a tiny position in this as potentially there could be significant upside but there also could be a total loss given the vagaries of Asian governments.

It looks as though ASN has $1.3m in the bank at June 2006, expenses running about $1.8m per annum and negative shareholders funds. A cash injection is going to be required soon which will result in WID either stumping up some more cash or suffering a dilution in its holdings.

I am also not sure that it is a good idea for WID to put out a NTA everyday? Continuous disclosure perhaps.

Could be fun this

[Stranger_Danger]

*smirk*

I have wondered to myself whether we'll keep getting daily NTA's if the price starts falling?

Then again, can't blame them for being excited, they were under water a long time on this one so it must be a good feeling to be vindicated by the market, at least for now.

[croesus]

Well I am pretty relaxed,.... we buy shares in this company with our eyes open, If the Dominoes fall over in the right order.... its a 20 bagger....if not.. maybe the WID shareprice could halve for a cpl of years.... but C/C strikes me as a resiliant sort of cove.. and down the track there will be a Sapphire mine in Patagonia or a Oil strike in Ekatahuna to be sure.
Croesus
ps
" Widespread "is a bit ironic when 73% of the company is in one stock

[KentBrockman]

"NOVEMBER 10, 2006 - 11:27 ET

Asian Mineral Resources Limited Announces Resignation

TORONTO, ONTARIO--(CCNMatthews - Nov. 10, 2006) - Asian Mineral Resources Limited, (TSX VENTURE:ASN) ("ASN" or the "Company") announced today that David Woodhouse will be resigning as President and Chief Executive Officer of the Company and as General Director of the Company's 90% owned Ban Phuc Nickel Mines Ltd. joint venture, in both cases effective November 10, 2006. His replacement will be Robert Thomson, who is a director of the Company and who recently resigned as President and CEO of ASX-listed Climax Mining Ltd. in conjunction with the merger of Climax and Oceana Gold Limited. Mr. Woodhouse will complete his employment contract term on 31st January 2007 and assist with the handover transition to Mr. Thomson.

Commenting on Mr. Woodhouse's resignation, Mr. Jim Askew, Chairman of the Company, said, "Under David's leadership, ASN completed the feasibility study, increased its ownership position in our Ban Phuc Nickel Mines joint venture, and made substantial progress towards implementing the development of the Ban Phuc nickel property. The board has confirmed that bringing Ban Phuc on-stream continues to be the main focus of our activity and wishes me to record our thanks to David for his significant contribution towards achieving that goal".


What gives?

[croesus]

C/C could you give us a precis on this changing of CEO, from a WID perspective, ... negative ? positive ? Neutral ?... also are you able to comment on how the King Solomons Mine Float is progressing.

Cheers Croesus

[KentBrockman]

quote:Originally posted by croesus


C/C could you give us a precis on this changing of CEO, from a WID perspective, ... negative ? positive ? Neutral ?... also are you able to comment on how the King Solomons Mine Float is progressing.

Cheers Croesus




The way this announcement is dressed in corporate gibberish suggests to me that there are serious differences within ASN management. I am surprised the ASN shareprice held up reasonably well.

Perhaps Woodhouse was just fed up by the lack of progress; although the recent rise in SP suggests that things may finally be moving along...

I agree with croesus: A BS free explanation would be useful, Chris.

[The Examiner]

Kent,

Thank you for your interest in this topic. I assume you hold shares in WID, ASN or both companies............?

Do some research on the background of Rob Thomson and Jim Askew and their pedigrees (Sino Gold, Golden Star, Kingsgate, Oxiana, Climax, Oceana Gold). After that you might come to a different conclusion.

If you read our (ASN or WID) announcements carefully you would learn a lot. Read previous ASN and WID annual reports as well - it's time well spent.

But, to save you this effort, I can say that this development is really significant for both ASN and WID. The mining sector has a few gifted individuals who really make a difference. Jim Askew/Rob Thomson are in this group. WID is incredibly lucky they are involved with ASN. You should spend some time researching these guys.

When WID first invested in ASN it had a market cap of NZD420k, now, 6 years later, it's over NZD87m and we still have a good chunk of it. On balance I reckon that's not bad.

But wait, there's more - research the comparable ASX/TSX listed nickel stocks (if you have the time) and you will discover that ASN is still trading at only one sixth of the average of the market value of comparable nickel stocks. Maybe that's why Jim Askew & Rob Thomson are interested in ASN, among the largest shareholders, and are now running the company.

It's not rocket science and everything I've written above is in the public domain.

All the best with your research,

CC

[KentBrockman]

quote:Originally posted by The Examiner

Kent,

It's not rocket science and everything I've written above is in the public domain.

All the best with your research,

CC


Hi Chris,

I am not trying to stir the pot, but merely attempting to get some information. I trust that the individuals you mentioned are all fine people.

My posting, however, was aimed at the reasons for the sudden departure of Mr Woodhouse which, in your reply, you omitted to address.

You must admit that his resignation/firing comes at a very unfortunate time, with the granting of the mining license apparently imminent.

I think it is only fair enough to suspect that there is more than meets the eye, and I was hoping you may be able to shed some light on it.

Cheers
KB

[I.T.Ancient]

I think Chris said it Kent: "Maybe that's why Jim Askew & Rob Thomson are interested in ASN, among the largest shareholders, and are now running the company." i.e. They have lots of skin in the game so they want to be in control. Thus not implying that there are any issues other than a power play.

[croesus]

ASN up 4c on low volumne.....

[Nevl]

ASN is holding nicely at this level. CC seems to feel it is still well undervalued which is great. Wish the Vietnamese would give that mining license. Once ASN gets the go ahead it will jump again with serious implications for WID. looking forward to seeing the results next year. Keep up the good work Chris

[Nevl]

ASN at 0.96 today. Loved CC's report. Not very happy with the accounting standards. Still allows us to pickup shares at a healthy discount to asset backing.

[croesus]

My thoughts exactly Nevl.... have been adding to my WID holdings at 2.2c this
week.

KSM,... had a look for any details re its float on the ASX site ?? couldnt find anything... has anybody seen a prospectus yet ??????

WEN looks interesting,I personally will take up my full allocation.

As an aside I hear a company registered in Takaka are applying for a resource consent for setting up a Wind Farm on Takaka Hill... is that us Chris.?

cheers Croesus

[Nevl]

Chris' comment that ASN is still only valued at 20% of it's peers is great. The political uncertainty is the major problem. Still a great way to get exposed to the mining sector.All the holdings are at a very early stage. Wonder what the Zedex cash will be used for if it is sold out.

[Abel]

Nevl - the Zedex deal is not for cash - the offer is for shares in Olympus Pacific - so there will be no new cash to invest.

[Nevl]

This was copied from the Half year report and suggests that there will be some realisation of the gains that WID has got from Zedex. So I guess They will have to record the assets at the merger value not at the historic book value. Still NAV of 2.76cps. Selling on Market at 2.2cps.



Yesterday OYM announced a takeover for Zedex, which if successful, will
result in the effective merger of the two companies and which could generate
a realised profit for Widespread of several hundred thousand dollars. The
precise margin will depend on the value attributed to OYM shares, options and
contingent rights at the time the takeover is completed.

Shareholders should note that, because the merger is pitched at only a modest
premium to market, it will not have a significant effect on the net asset
backing of Widespread shares. The deal, if successful, will merely
crystallise existing unrealised gains.

[KentBrockman]

ASN doing very nicely at C$1.10 (+14.5%), though on small volume.

Could someone please explain to me how this unrealised loss came about, while the main asset has recently appreciated significantly?

[croesus]

Be interesting if the ASN S/P holds up or increases this week, hav'nt done the math but guess this equates to a WID nett assett backing of approx 3c ....

[Abel]

Kent - by way of explanation to your question - the unrealised loss related to the period under discussion in the interim report - that is, to 30 Sept 2006 - and relates to trading stock unrealised losses. As you note, more recently (since 30 Sept 2006) there has been significant appreciation of the main asset, ASN, and is reflected in the NTA since 30 Sept 2006. Long may it continue.

Nevl - I can't explain why the interim report states that the OYM/Zedex merger would result in a realised gain - I don't think there will be any cash generated from it.

[Tyke]

[Nevl - I can't explain why the interim report states that the OYM/Zedex merger would result in a realised gain - I don't think there will be any cash generated from it.
[/quote]

I think the realised gain is on cost but the selling price is already reflected in the NTA value reported to the NZX so there is no tangible effect.

I notice another statement to the Exchange today.
"We wish to advise that the unaudited net asset backing per Widespread
Portfolios share, after a significant weekend increase in Canada in the
market value of Asian Mineral Resources, our largest investment, is 2.98
cents compared with 2.74 cents at noon on Friday 1 December."
This is on volume of only 9000 shares traded in AMR on Friday (US time) This seems to be a little too much hype to me unless it is felt to be part of the continuous disclosure regime.
Any comment Chris?

[The Examiner]

Tyke,

A brief summary of the relevant NZX listing rule follows.

I'm merely complying with this obligation - I have no interest in ramping WID. And a 9% movement in the NTA of a stock that primarily trades on the basis of this key variable certainly qualifies as relevant information.

Cheers

CC

Continuous Disclosure

Listed issuers (companies and other entities which issue securities) have obligations under the Listing Rules (section 10) to keep the market constantly informed on matters that may affect the price of their securities. This obligation was introduced on 1 December 2002 in the NZX Listing Rules and the Securities Markets Amendment Act 2002.

Listed issuers must disclose relevant information immediately, on the presumption that the information belongs to all shareholders. This includes disclosure of financial forecasts, where the information may differ from market expectations. Information may be withheld on limited grounds. Continuous disclosure, aligning New Zealand with Australian practice, is a major change from the previous "relevant information" rule.

Companies are required to disclose relevant information, which NZX then disseminates through its market announcement platform. Announcements are also published to NZX's website (with a 20-minute delay) and FASTER trader workstations. This information is usually disseminated within 15 minutes of it being received from companies.

NZX’s legal and regulatory team monitors trading to identify situations where trading may be taking place in a listed issuer but the market is not fully informed. Where this happens, the legal and regulatory team makes inquiries through a price inquiry letter to request the issuer to disclose the information.

[KentBrockman]

Nice ASN close at all time high this morning. While on low volume, the bid/ask has moved up accordingly.

[KentBrockman]

What do people think about the capital raising for WEN? I understand the rights started trading today, though I can't find the code.

Anyway, shares for ten cents with a free option attached, exerciseable in June 2011 sounds pretty good to me.

With shares currently at 10 cents the options should be trading around 4-5 cents. One could sell both immediately for a quick small profit, or sell the shares and and keep the options in the drawer for free, or sell the options and get the shares effectively for half price.

And who knows what can happen during 4 1/2 years, options might actually be worth something.

[KentBrockman]

quote:Originally posted by KentBrockman

What do people think about the capital raising for WEN? I understand the rights started trading today, though I can't find the code.




The rights code is WENRB, and there was no trading. I guess people only had their forms in the mail today.

[Nevl]

getting closer to that mining permit according to the announcment today. Bloody politicians. Still CC is probally expecting the price to got to $3 can for ASN when approval comes. Have topped up at 2.3 and am hopefully going to not regret it. All my watchlist shares are doing well but my portfolio is not.

[Nevl]

ASN at 1.35 now. I guess the price is running up with the mining permit announcement due soon. Still is all good for me

[zyreon]

NTA at 3.26, price at 2.5 ....

[I.T.Ancient]

Price no longer at 2.5. Maybe someone read your post zyreon....

[zyreon]

Yeah though was about a 30% discount at 2.5

I bought a few the other day, I like the track record and the speculative potential with various holdings e.g. the mining license in vietnam for ASN

happy and holding

[Steve]

Zyreon, I missed that one, so I'm waiting for you to post your next HOT tip...[:p]

[BAPP]

Nice spike in the price today on good volume too!
It must be time I took the advice of Croesus and pay some serious attention to WID.

Cheers
BP:)

[zyreon]

quote:Originally posted by Steve

Zyreon, I missed that one, so I'm waiting for you to post your next HOT tip...[:p]


[8D] no pressure...

[rmbbrave]

WID has now doubled in price in the last year.

Nice.

[rmbbrave]

Net Asset Backing 3.37 cents

Current Price 3.1 cents

[croesus]

Pleased to be overweight in this one....at 3.4 now ....is Wid the new SMM ????

[I.T.Ancient]

quote:Originally posted by croesus


Pleased to be overweight in this one....at 3.4 now ....is Wid the new SMM ????


If everything goes according to plan, then WID will get their crucial licence before SMM get theirs. So later this year SMM will be the new WID!

[Steve]

CAPREC: WID: Widespread announces share split and proposed warrant issue (https://www.directbroking.co.nz/DirectTrade/dynamic/announcement.aspx?id=1513895)
1. A split of the existing shares 2 for 1, i.e. the issued capital will
increase from 466,250,000 shares to 932,500,000 shares. It has been resolved
by the Board to proceed with the share split and this will occur in
accordance with the timetable noted below.
2. An issue of 9,325,000 warrants with a nil grant price will then be
allotted to shareholders on a one warrant for 100 shares basis.

[I.T.Ancient]

Wow. WID targets the geek market. Time to unleash our spreadsheets...

[Steve]

quote:Originally posted by I.T.Ancient

Wow. WID targets the geek market. Time to unleash our spreadsheets...

Huh?

[bermuda]

Why on earth would you want to do a share split???
Surely a consolidation would be a better idea.Say a 1 for 10 to give them some credibility rather than penny dreadful status.Beats me.

[Steve]

The lower the price, the greater the % increase!

Would look good in the year end best performers list...[:p]

[zyreon]

all good, the warrants are a bit of a gift aswell

I just read the entire announcement, seems reasonable.

[gisborne_gold]

quote:Originally posted by I.T.Ancient

Wow. WID targets the geek market. Time to unleash our spreadsheets...


It's going to have to be a pretty clever spreadsheet that can calculate a value for a warrant where the strike price changes year by year. This seems an unusual complication to the plan that's been announced. Has anyone seen this kind of variable-strike-price warrant or option before?

[Stranger_Danger]

Splitting a 3 cent share?

Is it April Fools Day?

[croesus]

"
You would have been a" APRIL FOOL" not to have purchased any last April... In my view.. approx 100% share price increase since then...... also better then average over the last 15 years for those Cassandras who mutter its just a" flash in the pan"

[COLIN]

Already more people are taking more notice! Isn't that one of the objectives?
DISC: Am very happy to have been a holder over the past couple of years. And I just love the prospect of some warrants - particularly if they serve me as well as IFT warrants have!

[I.T.Ancient]

The warrants will be fun and most certainly lift WID's profile in a positive way, as well as being a creative way of expanding equity. At first glance, the share split is incomprehensible.

[KentBrockman]

quote:Originally posted by COLIN

And I just love the prospect of some warrants - particularly if they serve me as well as IFT warrants have!


So about this warrant business: If one uses the example provided in the announcement, what might be the theoretical value of the warrants?

For simplicity reasons only considering the 30/06/12 expiry versions:

The binomial model gives a value of $0.009 per option (strike=.03, SP.016, Div=0, Int=7%), but then, every warrant consist of the right to buy 100 shares, so would the 0.009 have to be multiplied by 100 = 90c/warrant making the warrants from the example theoretically worth $18,000??

Surely I am interpreting this wrong?

[zyreon]

hmm i suppose you would value the warrants as three seperate options re the laddered expiries/strikes and sum the PVs
then yeah times by 100

might have a crack at it later on...

[croesus]

Trading at 3.5c.......ifASN gets approval could be in the (pre/split) range of 4.5 to 7c (WID) so these parcels of warrants could be worth $2 to $3 plus (ie 100 w)+2c to 3c val each.......... all conjecture at this stage though.

[croesus]

No sellers, lots of buyers.........very sensible.. one would have rocks in ones head, or be a Labour voter (synonomous?) to consider selling this stock....
disc... overweight...and pleased to be.

[rmbbrave]

Up 12% today.

I have 242,000 shares worth nearly twice what I paid for them.

Is the following correct?

I get 2420 warrents.

I have to send a cheque for (1.5cents x 2420)=$36 to someone if I want to excercise these options.

Assuming I can be bothered who would I send the cheque to?

[croesus]

No.. you hav'nt got a clue.... and I hav'nt time to explain now, but seeing you are on the net, just look it up.. its not at all hard to understand.... regards Croesus

[rmbbrave]

I read the Feb 8 annoucement and had a go at trying to work it out.

If I have made a mistake them in my opinion the plan is too complicated.

One thing I really hate about investing in shares is the really complex plans that companies come up with.

That's why I gave up on the idea of being a lawyer - reading judgements are so boring and so complicated that I decided to do something more interesting and less complex.

[bear]

The example they used in the announcement is below - plug you own numbers in 242000 instead of 1m

warrants on the ratio of 1:100 on the split amount and allow you to buy 100 per warrant at the relevant strike price

The table below illustrates the possible impact of the share split and
warrant issue for a holder of one million shares.

Present holding: 1 million shares (with a market value of approximately
$34,000 at today's trading price)
After the split: 2 million shares (with a theoretical market value of
$34,000)
After the warrants issue: 2 million shares and 20,000 warrants to acquire a
total of a further 2 million shares (with a theoretical market of $34,000 for
the shares and a yet to be determined market value for the warrants)

[COLIN]

My brave friend, its actually not too complicated. (The complicated bit is arriving at an appropriate market price for the warrants, but lets leave that to the experts with their Black-Scholes models and other wizardry).
Your 242,000 shares will split into 484,000 shares. You will also get 4,840 warrants which will entitle you to 484,000 shares on the chosen exercise date, at the pre-ordained price set for that date, i.e. 1.5c, 2.0c, or 3.0c as applicable. If you hold the warrants until the selected exercise date you will need to send your cheque off to the company to take up the new shares to which you are entitled.
Hope that helps and I haven't left out anything vital.

[bear]

For the life of me i can't understand the split first - but the warrants could be good leverage play with a great lead in period.

NTA announcements will be interesting particularly if they provided a dilluted NTA figure

[rmbbrave]

Thanks Colin

But why not just give me 484,000 warrents to buy 484,000 more shares?

Seems unnecessarily complex to me.

[rmbbrave]

Also people living overseas often get excluded from warrent and option plans.

The company ususally sells the options on the market and sends you the money.

Will that be happening with WID?

Will there be options trading?

[COLIN]

quote:Originally posted by rmbbrave

Thanks Colin

But why not just give me 484,000 warrents to buy 484,000 more shares?

Seems unnecessarily complex to me.




I think the answer is pretty obvious - the warrants would have to list at a microscopic amount!

[zyreon]

I've done some rough black scholes calculations for the warrants.

volatility, price
15% $0.32
20% $0.39
25% $0.47
30% $0.56

The value on a per share basis pre-split respectively:
$0.0064
$0.0078
$0.0094
$0.0112

Methodology:
Basic Black Scholes model was used, with a 5% risk free rate, the rest standard except for the variable, standard deviation, as shown above.
Warrants were valued as 3 seperate options:
3 month strike 1.5cps
2 year strike 2cps
3 year strike 3cps
Then discounted at 5% and summed (NPV) and times 100 to get the warrant price (re 1 warrant giving the right to purchase 100 shares).

Therefore if volatility is at least 15% then adding the premium on to the NTA would yeild a price of aproximately 4 cents.

[gisborne_gold]

Zyreon thank you for working on the calculations. May I ask a clarifying question?

You mention summing the three discounted warrant valuations.

It seems to me that to value these warrants with three strike prices over time, we can't consider them as three warrants per se, but a singe warrant with three possible values, one for each strike price and timeframe. In that case, should we be calculating the three valuations with the three strike prices, and valuing the warrants at the maximum of the three, rather than the sum?

[Stranger_Danger]

Before anyone says, "you just don't get it!" I'm fairly sure I get the plan

(a) Split the heads so it is a still a penny dreadful, in theory more volatile and able to move quickly, and stay suited to the current WID fans.

(b) List the warrants which'll trade at a much higher number, thus appealing to those that would avoid playing with penny dreadfuls.

The thing I can't stop pondering, is isn't this playing with numbers? Almost like (a) is to keep looking like a penny dreadful, and (b) is to look like not a penny dreadful.

I can't help thinking they should just stick to their game (which they appear to be very good at btw) and not try and be all things to all people by being too cute.

Whats next, a combination fine dining/fast food restaurant?

[gisborne_gold]

Maybe your item (b) makes more sense if you include:
(c) raise more capital through a warrants issue.

[KentBrockman]

quote:Originally posted by zyreon

I've done some rough black scholes calculations for the warrants.

volatility, price
15% $0.32
20% $0.39
25% $0.47
30% $0.56



I think your values are way too conservative. The fact is that Widespread is not very wide spread. Much of the fortunes of the company are hitched to one investment, ASN, and that investment's fortunes are focused only on one project, the Ban Phuc mine.

In reality WID will soon move significantly, either up or down, depending on whether the mine development goes ahead or not.

I think therefore volatility will be much higher, and thus the warrant price. In fact, the SP has moved almost a 100% just in the last year.
In my calculation I used a volatility of 70%, which may still be too low.

[zyreon]

yeah i don't have historical volatility figures so just used a range of figures to illustrate.

as far as methodology goes, it is a bit of a conundrum, you can't just use the maximum of each 'sub-option' values because it ignores the total time value, perhaps a weighted/harmonic average could be used... i'll go to the uni library tomorrow check out the derivatives section maybe there will be a standard method

i think u might need to use a binomial model... i'll report back in due course with some more calculations.

[I.T.Ancient]

It seems to me that the nominal value of the warrant drops by $0.50 on 1/7/07. At that stage thinking about the warrant as a 2 year 2cps option or a 5 year 3cps option mitigates some of that drop - but not all of it no matter how you value them. Best to treat the free warrants as 30/6/07 1.5cps warrants - to be sold or converted. Then after 1/7/07 to watch the trading in un-converted warrants for panic over-selling as the market re-adjusts.

To put it another way; This could be thought of as a 1:1 rights issue at a discount to the current market price, with a soft landing option for those who can't find the cash or get a good price for their rights in the sort term.

[croesus]

Can anybody post the link to the details re the King Solomons Mines float... I see WID holders have a opportunity to get a few.

[bear]

Here is a link but refers to Aust residens only

http://www.kingsolomonmines.com/

[Nevl]

lots of stuff happening here. Thats cool they are allowing shareholders to take a direct stake in the company. Have not decided yet what i will do. Need to have some cash to take up my options later in the year. Will have a lot of shares here soon.

[nso]

Gisborne_Gold - you asked on 8/Feb if anyone has seen a milti-exercise price warrant before. Sorry, it has just taken 11 days for my registration to be acknowledged so that I can post an answer. Look at Cynotech - CYTWA - for a local example. It changed from a 10cps exercise price to a 20cps exercise price warrant last June and will become a 30cps warrant at end of this June (expires June 08). Last June the warrant price traded in a 5c to 1c range either side of 10c exercise date. Though it is difficult to discern the extent to which this reflects head share price changes Vs exercise price change.

[gisborne_gold]

Thanks Nso. I wasn't aware of the CYN example and I'll take a look into it and see if it can shed any light on how to value this type of warrant.

[zyreon]

the strike prices show a growth rate of about 15% (3/1.5^1/5.25)-1
so one way of looking at it is picking up the spread between the growth in NTA/mkt value and 15%. So at final expiry the profit will be the difference between the compound growth rate of the NTA(or more appropriately market value, which may or may not be trading at a discount to NTA).
spread = ((1+er)^5.25)-((1+0.15)^5.25) [er=estimated growth rate of mkt value]
I suppose then you could go ahead and work it out and then calculate PV of the $ value of the spread...

Of course they could be viewed as just a means of obtaining leverage for speculation.

Might ask one of the professors their opinion on valuing them this week...

[croesus]

Guys with all due respect this makes my brain hurt, I am just going to take a punt based on previous history i have with WID... so many things could happen with a company like this out on left field, and probably right field too....but don't take my comment the wrong way.. I am certainly not having a crack at you guys.. just different strokes I guess.
Looking forward to the ASN Mine sign off, depending on that WID will either dble or triple, or if approval is not granted WID will be selling for 1c each...

[Farouk]

Well as of today with the share split, I am now a millionaire!! (with over a million of WID shares tucked away).
Now if the price can get up to a buck, then I will be a "proper" millionaire.
I predict next Friday.

[Steve]

quote:Originally posted by Farouk

I predict next Friday.

That long?!:D

[Nevl]

CC posted the last announcement from Hanoi. Is there any significance to this? Really hoping for that announcement from ASN comes soon. If it does and WID doubles again.Will we get another 1 for 1 split. Looking forward to getting the warrents too. If nothing changes have had a return of over 120% in 12 months from WID. Great year all up.

[croesus]

Good spotting Nevl.......ASN must be getting close to being granted rights to mine...or not.... hopefully we will know within the month....

[croesus]

ASN back up to $1.40 .... on another note when KSM lists what effect will that have one Widespreads NAV ??

[croesus]

excuse typo in preceding post .. should have read "on Widespreads NAV"

[salsanova]

announcement today widespread will be reducing its share of kso(king solomons mine) to 8% from the present 16% so i guess widespread will be cashed up for more investment or debt reduction what ever the case it can only be good for share holders i would have thought

[Nevl]

no thats not the case. What is happening is KSO is issueing new capital for its IPO so I don't think WID is getting any cash or selling down, but the shares will be listed and we will see what value the market puts on KSO. ASN and OYM have both held up well in the last week. I don't think I will take up any of the KSO shares on offer however. The holding through WID is enough exposure for me

[salsanova]

hello nevl,
thanks for the reply .
i have also decided not by into kso as i already hold some wid and don't see any point in being over exposed by having shares in both .well i guess i have a question as to what will happen when wid decreases its exposure in kso and will it affect wid share price
can anyone shine some light on this one please
cheers

[zyreon]

I did some more work on valuing the options, the volatility for the past year is about 60% and indicative value of the warrants is about 80 cents or 0.008 per share

of course that's only one side of the coin, the NAV will play a crucial factor, and the fact that exercise of the warrants will cause a capital inflow causes issues in valuation.

[I.T.Ancient]

Logically not salsanova because KSO's equity will increase in proportion to WID's decreased share. Of course, the market may push KSO's sp up or down thus effecting the market value of WID's slice of KSO and thus WID's NTA and indirectly WID's sp.

[Mr D C]

ASN up to $1.47 - 1.50 this morning, a new high. Kiwi $ also at 3mth low against CAD - should push up NTA this week.

[Nevl]

I checked about an hour ago and it was down at $1.40 nice to see it has jumped again. Still low volumes and no announcement from Vietnam. Must be fustrating as everything is in place and just need some pencil pusher to give it the go ahead. Ah well we get our warrants soon so thats a good bonus.

[stephens.pc]

Reasonably high volume today. Last chance to get the warrants?

[zyreon]

record date is 14th allotment 21st, smart money is moving in because warrant premium is not priced in yet...

[stephens.pc]

Got in today (very small purchase) at 1.8. First settlement band for warrants is at 1.5 cents, correct?

[croesus]

Correct.

[KentBrockman]

Crikey, have a look at ASN! There seems to be no official news though.

[croesus]

Up 31c !!!!

[Steve]

What was the volume for ASN? That would show what signifigance to place on the jump.

[I.T.Ancient]

Up 35c now. Volume much higher than normal.....

[croesus]

ASN traded 280000. huge day.
Anybody know how the KSM uptake is, I have heard a few positive rumours re big market players buying in.
cheers C.