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I do not think it was coincidental that Chika alluded to the fact in her recent email to a shareholder that they were awaiting the updated shareholdings list !!
Worse than useless!
https://www.cityam.com/fca-regulator-financial-oversight-needed-lacklustre-abolished/
Maybe they were concerned that if it became general knowledge that a major shareholder was selling their entire holding, there would be even more damage to the share price.
Sammy, I’m glad that I am not the only one who feels the same as you. It is no coincidence that the update to the shareholder list was updated (still dated as of the end on July) at the same time the TR1 was released. It looks to me that the Company has been complicate in covering up the fact that GS has been selling down. Ordinarily the update to the shareholder register would have been done on time, correctly dated so everyone would have known about GSs position a week or two earlier.
So what is behind all this? Maybe it was in all the shareholders interest to do this. Maybe we shall never know but it might be fun to speculate.
@paulbpmurphy, it is the shareholders responsibility to inform BMN of any thresholds crossed. Until then they cannot issue a RNS informing us of any changes.
I am invested in a company that the main shareholder sold down from nearly 30% holding to 0% with only one RNS, and that was only on completion. Despite numerous emails to FCA, the company itself and the company concerned during the sell off we heard nothing. The FCA are worse than useless!
Things here look brighter now we know who is selling, it's been a tough year. March/April First Island sold down their last 10mln, GS Securities sold down 8mln and then the sell off from the markets due to covid. We had some big hitters (PI's) selling down and others to invest in the covid stocks and then Golden Summit. It's not surprising that we are where we are today.
Yesterday was a positive day, by the end of the year things here will look a whole lot better IMO.
@sammy I also emailed and let fly about my frustration regarding communications. The next day we get a tweet publishing a video that was made many days ago and and an rns explaining the share situation. I dont think I should apologise though, I think the company should be more accountable to us as shareholders. Together we own a far greater share of the company than any current ii and, in the main, our goals are very firmly aligned.
Strange timing as it becomes a discussion point on here that golden summit may be involved, and as frustration mounts that all this should happen though.
I believe in the company. My goodness me we have enormous potential. I believe in fortune. He seems an honest, determined and trustworthy individual. And I believe he fosters a culture we should all be proud of.
But we should never be apologising for expecting the company to be held accountable for protecting our interest.
I am very glad we now understand the situation, and it is finite, and that others can see the end and will join in accelerating its conclusion. But still ... more tweets, more keeping us up to date and more promotion should be the expectation and the norm. If we all joined together and created a single shareholders association we would dwarf any 6% holding and the company should remember that, imo.
Uksteveg posted yesterday that it could have been GS that voted against the re-election of the two retiring directors (Watson and Friedland) at the last agm. The 49 million votes cast against those directors seems about the right GS voting rights size at that time. What reason would GS have for voting against two long standing directors? They failed of course and the two directors were duly re-elected
But could it be that GS had in mind putting their own candidates forward for election in order to gain some influence on the BOD’s decision making activities?
Have they been bailing because there there was some grand design behind their original reasons to invest in BMN.... which has been thwarted?
Well ... it’s a more exciting conspiracy theory than the others! ;)
I sent another email yesterday which I'm not proud of,, I lost my temper and let fly .... I said roughly along the lines of .. the SP is languishing just a gnats above 12p, and the 500,000 sells are still coming, you either know who, or are complicit in, or don't care less about this selling .. We now have the situation that LTH are now selling up altogether, or selling down to invest elsewhere .. this has been going on far to long and the bod have done nothing, ffs do something to reinforce the SP ... Plus a couple of other things not to complementary about the communication being next to tragic, in fact quite pathetic ....... I think I should apologize, I get wound up to easy and say stupid 5hit all the time