{
  "docId": "019dd923-622c-750b-8b96-91b6b54834a7",
  "docSlug": "9776de5e0578",
  "documentTitle": "Asanko Gold Inc. (AKG)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-05-31 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 43,
  "pageCount": 43,
  "prevPage": 42,
  "nextPage": null,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "This is a forensic research note highlighting potential insider selling and obfuscation of ownership.",
  "elementsJson": [
    "paragraph",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-91b6b54834a7/43",
  "deckHref": "/decks/019dd923-622c-750b-8b96-91b6b54834a7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-91b6b54834a7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-91b6b54834a7#slide-43",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Peter Breese and Colin Steyn have sold a substantial portion of their original holdings in AKG.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-203c-716b-be73-b0ee2004e5a5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.035,
        "w": 0.764,
        "x": 0.118,
        "y": 0.093
      },
      "kind": "paragraph",
      "text": "Metais, in September 2013, the shares lost 97% of their value and remained suspended at $0.01 when Mr. Steyn resigned his position in January 2014.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2111a2f8-33cc-4503-978e-f0f0a7926957",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.052,
        "w": 0.764,
        "x": 0.118,
        "y": 0.181
      },
      "kind": "paragraph",
      "text": "Peter Breese and Colin Steyn have sold a substantial portion of their original holdings in AKG. The major sales of stock are likely to have occurred during 2015 via offshore share sales. In the Annual Information form filed with SEDAR we find the following disclosure:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aed29af2-c643-4f22-a56a-acd4b9a4002b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.069,
        "w": 0.764,
        "x": 0.118,
        "y": 0.302
      },
      "kind": "paragraph",
      "text": "In the year after this disclosure is filled we see Breese and Steyn's combined position reduced from 8,524,423 shares to no more than 4,310,789 shares. Coincidentally at the same time the shares were distributed, AKG stopped breaking out the number of shares held by individuals and instead began grouping the entire management team's holding.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f929222f-a408-44bc-908e-fd1ef3b51886",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.035,
        "w": 0.7,
        "x": 0.15,
        "y": 0.25
      },
      "kind": "quote",
      "text": "Common shares owned by Highland Park SA are controlled indirectly by Mr. Steyn but will be distributed by Highland Park to the beneficial owners in 2015.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "60fca2c0-b9c9-48c2-9d61-561a028099d9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Common shares owned by Highland Park SA are controlled indirectly by Mr. Steyn but will be distributed by Highland Park to the beneficial owners in 2015. — AKG, Annual information form, 2015-03-16 p54",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-203c-716b-be73-b6b2fcd8ffb2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.764,
        "x": 0.118,
        "y": 0.868
      },
      "kind": "source-note",
      "text": "136 http://www.afr.com/business/mirabela-nickel-chairman-resigns-in-reshuffle-20140113-iya8d\n137 AKG, Annual information form, 2015-03-16 p54\n138 AKG, Annual information form 2016-03-06 shows the entire management team own 4,310,789 shares",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "42ad6ad9-4e4c-49aa-9078-d548b3ea41a1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.475,
        "x": 0.118,
        "y": 0.146
      },
      "kind": "title",
      "text": "Breese and Steyn have taken significant money off the table",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "266da1b1-8555-4b8f-bf8e-9d03857d4774",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "38e91ff7-024c-4676-8763-fdea75647023",
      "evidence": "The slide explicitly links share price collapse with executive resignation and subsequent obfuscation of share ownership.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 43,
      "from": 7,
      "beatId": "6be461ab-1701-4014-b503-c277fa3cb52c",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document presents several contradictions and red flags in AKG's operations and financials.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 43,
      "from": 32,
      "beatId": "3d802e4a-a874-445a-82e4-dba634809e94",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "The document concludes with a discussion of AKG's looming liquidity crisis and the potential consequences.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}