Lots of manoeuvring I agree. I note also that the "PJ" factor has panned out exactly as I thought it would.
PJ got his holding to 7,537,354 shares when there were 250,176,445 shares in issue making his holding just barely creep over the notifiable 3% threshold. It would have been easy to keep that holding just under the 3% but he clearly chose not to. It seems he wanted to make it a notifiable holding. But only just barely at 3.01%.
As most expected, AB did a placing which of course diluted PJ's holding. A holding of 7,537,354 shares would now represent only 1.9% of the total 392,325,740 shares following the placing. You would now need 11,769,772 shares to reach the notifiable 3%.
Each to their own but I personally see this whole thing as a media circus parade. If PJ had bought 4-6% then I might have attributed some significance to his holding. As it is, I choose to simply ignore it.
The day after the announcement of PJ's holding, another announcement was made informing us that Mr Haralambos Christoforou and John Arnold no longer had a notifiable interest. The "2p tomorrow" brigade conveniently skipped over that key piece of information.
Believe what you will but I personally won't be giving my hard-earned money to the fairground "hook-a-duck" stall.
As much as you would like that. . . Well to be honest I would like that as I would get about a 10th of my money back, which would at least pay for a little holiday. Unfortunately been here long enough to read between the lines(so to speak). . Suppose only time will tell but one day you will realsie what Andrew Bell is like.
"We give £100,000 worth of RRR shares to MTR and do so at the discounted placing price of 0.42p ! (Already bad for existing shareholders)
Then instead of getting that £100,000 as useful cash we instead accept 1,818,182 MTR shares at 5.5p each when today the MTR SP was 4.75p meaning they are worth approx. £86,363.
Existing shareholders are diluted and we lose approx. £14,000 of value in the swap. How is that in any way good for shareholders?" .............................................
I agree Mr Magic this £100,000 swap of shares with MTR doesn't on the surface look that good a deal for RRR shareholders. Especially when you consider that the MTR price was 0.73p on 22nd January this year and so RRR enter into this £100,000 swap deal after MTR's share price has already 8 bagged to 5.5p. So with the MTR share price now at 4.5p it seems Red Rock might have got spiked with this deal.
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