By DANIEL RIORDAN
Listed miner turned technology investor Spectrum Resources expects to know today how far the mystery buyer of its shares intends to go.
A week ago an unidentified party bought 15.5 million Spectrum shares at 4c each, paying $620,000 for a 4.92 per cent stake.
The seller was Spectrum's then-biggest shareholder, Momentum Investments.
It is a private investment firm, headed by US-based New Zealander John Carr, which was behind Spectrum's switch from mining to e-business a year ago.
Spectrum executive director Rob Levison said the new buyer might look for further shares. He expects a formal move over the next day.
Momentum had 4 per cent of the shares after the sale, said Mr Levison. The other leading shareholders are another private investment firm, Velocity Partners, which owns 6 per cent, and Tytus Holdings, a holdover from Spectrum's mining days, which owns 4 per cent.
Mr Levison told Spectrum's annual meeting two weeks ago that it expected to break even in the financial year to next June. It had $6 million in cash which would be used to buy holdings in high-quality technology and software companies.
Spectrum lost $535,000 last financial year, mainly due to reconstruction costs in changing from a mining company.
Spectrum's big asset is software developer WEL Technology, which has licensed its flagship PV2 software to US giant Lucent Technologies. Lucent has taken an option to buy a 20 per cent stake in WEL Technology.
Spectrum completed the purchase of WEL Technology in July for $2.7 million.
Spectrum shares closed yesterday at 3.4c, well off their 52-week high of 43c.
Mystery buyer to reveal its hand
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