Kumova dismisses share trading allegations & More Latest News

 

“Yes, I’d sell about 100,000 to 200,000 a day, if I needed money for a particular deal I’d sell more,” answered Mr Kumova.

Mr Sibtain then read a May 29, 2021, tweet from Mr Kumova saying, “I started buying BGL at 3¢ because a stock promoter gave me a tip. 87 cents now and Motley [Fool] calling $8 at some point is why I invest in micro spec stocks. Every now and then when management deliver on their promises magic happens.”

In response to questions about why he promoted Bellevue Gold on Twitter at the same time as selling shares in alleged “pump and dump” actions, Mr Kumova repeatedly insisted he was “proud” and “excited” about Bellevue Gold.

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The mining entrepreneur added he believed ASX-listed Northern Star may have launched a takeover bid for Bellevue, given two Northern Star employees had joined Bellevue and both miners had West Australian tenements near each other.

“I invest in the speculative end of the market and I’m excited and proud about the fact that Motley Fool is saying it [Bellevue Gold] could be like Northern Star,” Mr Kumova said.

Mr Davison, 67, is expected to take the witness stand next week. The defendant is a social media personality better known by his Twitter profile Stock Swami, with a reputation for using the online soapbox to regularly scold company directors, executives, and the Australian Securities and Investments Commission for perceived inadequacies or misdemeanours.

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The self-styled sharemarket cop and citizen journalist is a New Zealand resident and former internet entrepreneur, and uses the Swami moniker after he spent 12 years living in a spiritual ashram in NSW in the 1980s.

New Century’s Goro mine bid

Mr Sibtain also cross-examined Patrick Walta, the managing director of New Century Resources, over a $55.1 million capital raising it announced on April 21, 2020, which included a $23.8 million investment from listed miner Independence Group for an 18.4 per cent stake in New Century.

On May 26, 2020, New Century announced it had entered into an exclusive period to complete an acquisition of the Goro nickel mine in New Caledonia.

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“You’re not aware of anyone having acquired NCZ [New Century] shares while in possession of non-public information concerning NCZ’s proposed acquisition of the Goro mine prior to the announcement of the Goro mine are you?” asked Mr Sibtain.

“Correct, I’m not aware.” said Mr Walta.

Mr Sibtain went on read an April 21, 2020, email from Independence Group’s chief executive Peter Bradford to Mr Walta complaining about an April 21 tweet by Mr Davison that stated the Goro mine was an intended acquisition for New Century.

Stock Swami’s April 21, 2021, tweet that became the subject of a complaint from Independence Group’s CEO to the CEO of New Century. Court documents

Mr Walta told Mr Sibtain he did not agree that there had been a loss of confidentiality around the proposed bid for the Goro nickel mine.

New Century’s April 21, 2020 announcement of a $55.1 million capital raising and investment from Independence Group contained no reference to the Goro mine.

Mr Walta said New Century had made a non-binding indicative offer for the Goro mine by around mid-February, but it had been rejected and that it would be misleading to disclose it to the market given there were multiple other bidders and the bid was non-binding and conditional.

Mr Walta also rejected assertions that Independence Group had an obligation to disclose to the market that it was aware of material information that couldn’t be released to the market publicly as it was “excluded” on the basis of being commercially sensitive when it issued an April 21, 2020 cleansing notice to the market.

In a trial dominated by the pitfalls of Twitter, the judge briefly suspended proceedings on Thursday to scold a legal stakeholder in the case for live-tweeting proceedings.

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