His last Takeovers Panel fight cost him $3k. The one before that cost half a million.
Activist investor Jeremy Raper is going after the ASX’s forgotten cash boxes, the broken mining microcaps that trade well below the cash they hold. AI has slashed the cost of taking on a board, and it’s working: he’s batting three for four at the panel this year, including a ruling that hands 25% of DGR Global to ASIC to sell.
We get into how he finds these situations, how he fights them, and what he’s got wrong along the way.
• DGR: the Tenstar Trading paper trail, the panel’s finding, and 25% of the stock vesting with ASIC
• TerraCom: the Orbit-underwritten rights issue, ownership changing during the offer, and a $100m+ impairment
• Alara: 51% of an Omani copper mine at about 2x free cash flow
Lessons from Humm: proxy advisors, fair-weather friends, and why you bring a bazooka, not a water pistol
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TIMESTAMPS
(00:00) How AI Changed Shareholder Activism
(09:50) DGR Global and the 20% Threshold
(15:50) Tenstar Trading and the Panel Case
(21:00) Unlocking Value at DGR
(26:20) TerraCom
(32:50) The TerraCom Impairment
(41:40) Alara Resources
(47:30) Canyon Resources and the Humm Campaign
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