Friday 24th September 2004 |
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The company's main investment is in Asian Mineral Resources, which, in turn, now has 90% of a nickel-mining prospect in Vietnam.
Director Chris Castle has signalled that it is time for diversification despite the potential of AMR's nickel prospecting.
He believes the 15% stake in the Canada-listed AMR could be worth $25-26 million, although a final decision on whether the Vietnam project goes ahead is still a year away.
Widespread was formed in 1989 to invest in "relatively high-risk, second-line stocks both locally and internationally."
Widespread's shares sold at 2.4c on Wednesday, after director Keith Hindle lifted his shareholding to 5.1 million shares.
Although not a huge deal, given the company's 296 million shares on issue, the sharemarket normally views a director buying stock as positive news.
The company reported a loss of $209,000 for the year to March 31, compared with an $818,000 loss last year.
It recently announced a one for 10 renounceable rights issue at 1.7c a share.
A tender process is expected during October with the closing date for tenders expected to be in mid-November.
WPL reinvests all dividend income and capital gains and has a no-debt policy. At the current share price the company has a market capitalisation of $7.4 million.
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