George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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Incredible that we have got to the situation that the Chair investing $3.2m seems like an everyday event. Once he has pocketed all the Argento Prefs then the fun will start with the OBT ords. Glad to be in before that starts. I understand Jimzi’s view that something feels strange but all this buying is becoming an irresistible force upwards.
in... first of the day
There'll be more TR1s today.
Yep, good chunks of buys going through.
hot off the blocks this morning... feels like its bursting at the seams now..
That took 5mins just to get a buy quote. Glad to be in
How many he'll buy today?
He’s been buying from over 12
Wonder if he’s now buying at 8p looking at today’s prints
Since 2017 Miles has picked up over 35m ordinary shares and over 60m shares via Argento.
Prefer him having the `cheap` shares than some trader thats going to dump them at 10p!
The more the better in my book.
No clever dicks please about buys/sells. this looks like market manipulation to allow our Chairman to pick up loads on the cheap? Any other explanation for the strange moves?
He's been buying all September. Doubt this is his last buy
Does our shrewd Chairman manage to buy 8,000,000 shares at 6.5p? Something must be afoot? Lets hope all of us Pi's do not get shafted? I paid 14p average for mine? I think a fair price for a buyout/takeover would be 20p+
Wow!
Over 10p today easy
This time OBT ordinary 8,000,000!! Yesterday.
There's your answer Charlies
Good post. Ramble away.
What’s the big interest in the Argento Prefs? Why is the Chair scooping up all that he can at huge cost. He’s spent many millions of $ over recent weeks. Why doesn’t he buy OBT ords instead? The Argento are attractive because they accrue 5% a year but that’s not much, you can get that in many investments that are far less risky. They also have a 50% uplift on takeover which does make them a very interesting option. But the big catch is that the Argento Prefs for all there attractions are still based on the value of Argento as a company so there is risk attached. If he thinks (with all his inside info) that the Argento Company valuation justifies the price of the Pref shares then that suggests that the 57% of Argento that OBT owns must be worth north of $50m. One big advantage of accumulating the Argento Prefs is that they don’t count towards the percentage of OBT that he has to declare. If he can get his hands on all the Argento Prefs then he can hold them in addition to his holding in OBT without declaring it and when it suits him convert them into OBT ords which would represent about 25% of the enlarged shares in issue. That could be critical in a takeover whatever direction it came from. That would also value IBT as a whole at about $100m. Either way it suggests that the Chair is very confident that OBT is way undervalued at these levels. 20p minimum is what he is seeing. Sorry for ramble.
Good timing! Are the brakes off this time? Huge tick up
It's not normal for directors to buy so many shares in such a short space of time. Definitely knows this is a great price and in my view being held down to fill the big boys orders. The spring gets even more coiled.
Daily at the moment!
Yet when directors buy in such huge quantities they are in it to make money.
Again.