Last week Far East Capital was again the leading sponsor of The RIU Resources Round-Up at the Sofitel Sydney Wentworth. The conference was a success, and we would like to thank everyone who approached our booth and took the time to chat with us.
As the lead sponsor, Warwick's presentation was allotted the slot of the keynote address to kick off the conference, but unfortunately many were unable to be present for the earlier speeches. Many were asking if we had copies of his presentation, but we are pleased to let you know that a video of the full presentation is available on our website. Simply click the 'Media' tab to be taken straight to the embedded video.
We are pleased to announce that the $2.4m placement being undertaken by FGR has closed. Strong demand necessitated cutbacks in allocations. This is the first time that we extended the offer to FEC Gold Card investors, and we are pleased with the strong response we received. We look forward to inviting Gold Card clients to be a part of other attractive offers in the future.
We are pleased to announce the completion of a $1.6m placement in PAK at a price of 4.8c/share. This will enable PAK to take 20% of Imagine Intelligent Minerals Pty Ltd, opening up an exciting new growth path for PAK. The next step is to move to a 40% share holding in Imagine with the share swap to be completed in July 2016.
FEC is pleased to announce that it is in full operational mode back at its Clarence Street office from April 2015. Whilst Warwick was working at Canaccord Genuity Australia Ltd, at separate premises in Castlereagh Street, the operations of FEC were kept on care and maintenance. FEC has been re-actived following Warwick's retirement from Canaccord in September 2014.
With the increasing quantum of funds under management FEC is aligning itself more with the "buy side" and will be limiting agency business to companies in which FEC has some investment exposure, in most cases. From time to time it will raise capital for companies and act as a wholesaler to the stock broking community and licenced investment advisors, but it will be rare for it to be doing so without investing its own money in those companies.
In the past FEC has undertaken commissioned research but this is no longer the business model. Where research is prepared by FEC it will be more in the nature of a loss leader, or it will be prepared to better communicate its views on particular investments in which it may have a vested interest. Where companies wish to commission research by a respected analyst FEC would be pleased to recommend a suitable analyst from its panel and it would offer editorial assistance in order to achieve the best standard possible.
The flagship research paper will be the Weekly Commentary which will offer opinions and comments as opposed to detailed analysis. This will be made available free of charge to persons who request it.