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R Trump……..not a shareholder….wants lower entry price..Southern Golds attempt to offload its BMV shares was thwarted as it was deemed insider trading.
With its Philippine gold resources plus partner to develop them, plus the pending Mountain Permit Bluebird is on the cusp of great things…….together with a much higher share price, no matter what the naysayers presume…..
Shouldn't be long
The number of relatively large rollovers appearing here day after day may suggest money’s being made by those holding short CFDs & whilst some may clued up PIs, Main Market listing means that, unlike as is often mistakenly suggested on these BBs for AIM stocks, which institutional traders are precluded from playing with by their firm’s risk management rules, BMV is that rarest of opportunities for anyone, on any desk, at any of the fabled Instos, to have a punt on - a penny share - just for the fun of it. To make it worth their while they’ll do so via CFDs for the gearing & would appear to be short because any longs will have closed out but those relatively chunky rollovers just keep on coming.
The obvious game changer here is if TMUP (or MTUP as Colin called it recently ?) is ever granted & meantime I remain a fascinated onlooker. The whole BMV story is a great one but my genuine concern is that a great story may be all it turns out to be. Either way, GLA.
I bet the 10m share seller is kicking themselves that their dodgy deal wasn't allowed to stick.
1.2p anyone?
Looks like ajs could've saved people a few quid if they'd listened. But shooting the messenger is more important than making money for some.
He has a point though, doesn't he?
Your fatuous meaningless comments have been going on for years Trumpy…………
Still rinsing shareholders
Been going on for a good few years now and zero progress get out while you can
Re the thresholds to be reported, I believe in this case 3% and any additional 1% crossing does not apply as BMV is not UK based. For non-UK based companies, the thresholds are (from memory) something like 5%, 10%, 15%, 20%, 50%,75%.
To give them a bit of credit, at least they bothered to correct it...
Let's see when the promised Batangas progress news lands, obviously getting TMUP would be welcome surprise.
Corrected presentation released today, one day after the previous presentation, showing Southern Gold still holding their 150 million BMV shares. As I said yesterday, 40 yrs of buying & selling shares & never seen anything quite like this, though tbf, in one of his interviews Charlie, BMV’s COO, did say “We’re not so much a company, more an old boys club” & so it would seem. I don’t hold BMV shares at the moment but very best of luck to those who do.
Certainly very strange. In 40 yrs of buying & selling shares I’ve not seen anything quite like this before. Comparing the holdings tables in the Oct 2022 & May 2023 presentations: Southern Gold Oct ‘22 holding = 31% of shares in issue, May ‘23 = 13%. “Other” holding Oct ‘22 = 35%, “Other” holding May ‘23 = 55%, so a transfer of Southern Gold’s BMV holding is clearly underway. Worth noting that whilst a TR1 is required at holding 3% of shares in issue & at each 1% above that, regardless of which way the thresholds are crossed, up or down, there’s no requirement to issue the TR1 whilst the buying or selling (so transfer) of that holding is ongoing & since a TR1 regarding Southern Gold’s current holding hasn’t been issued at the time of this post, that may suggest they’re still unloading their BMV shares. There’ll be at least one TR1 at some point, depending on who’s taking Southern Gold’s shares & the resultant size of their holding/s. GLA.
Not sure what else has changed comparing to the previous presentation, however, according to the shareholding table, SAU now holding only 75m shares.
Just very recently, the two rather strange TR-1 RNS stating SAU holding went from 150m to 140m and then to be cancelled going back to 150m....
The presentation is dated - April 2023 ... Did not just SAU submit a TR-1?
I don't think there was such volume of shares enabling them to sell 75m on open market, maybe a direct sale, anyway very strange.
Ajs,
Didn’t you sell at a loss a couple of weeks ago? Why are you still here commenting?
"Somebody's obviously had a word..."
The buyer, presumably!
Tells you all you need to know.
So the transaction was due to settle on 23 April and both parties agreed prior to this date not to settle it. Yet the market only finds out about this today.
Anyone who holds here after this debacle is asking to get shafted and deserves all they get.
Unfortunately, its seems obvious what SAU want to do with their holding. Maybe the sale is cancelled but for how long?
Seems an incredibly stupid move by SAU, that has done nothing but undermine confidence in all parties involved.
it go back to 2p
Somebody’s obviously had a word with Southern Gold. Cancelling their share sale… interesting!
@JonnD - I don't see issuing the 200m shares for SAU as dilution. We less than doubled the number of shares but doubled our assets/resources.
Re the latest news - not happy. I guess claiming the permit is imminent (next week) was a mistake but it suggests that they were probably misled by the authorities.
Personally, I expected to see the permit first and then announcing the financing.... which again points to false promises from the authorities. Did not expect this in South Korea but politicians are the same everywhere .....
I remember years back when waiting for the main extraction permit, it was also delayed a few months (comparing to expectations) so here we go again. However, they got it relatively quickly - comparing to other jurisdictions.
So current SP roughly reflects full dilution including Southern Gold’s 150m shares which they may be unloading at 10m a pop ? No insider trading involved, they’re entitled to do what they want with them. Some sort of positive news from Batangas may lift the SP, even if only briefly, otherwise maybe a gentle drift down on no news until TMUP decision, which could be months away.
I don’t know if I’d class Southern Golds sale of circa 1.4% then reason why this is now not investible. They do still hold 20.29% of the company. Plus, if you consider that just a few weeks ago they have announced a half year loss of $2,673,592, up to 31 Dec 22 and they have probably already burnt through a decent chunk of the $3.9m cash they had left, it was inevitable they were going to either be selling some of the BMV holding or conducting yet another raise.
Had it been one of the BoD from BMV it would be a different issue entirely (unless it was just for taxation reasons).
It could be argued that the BoD were a little naive to think that they would get all the permits, without having to go that little extra mile when it came to the local area and the environment, as every single mining company I’ve invested with has had to jump through hoops to get their mining licences. Although, on the flip side, they received the extraction permit, the more difficult one to obtain, very quickly indeed.
The company’s in no different position that it was a few weeks back.
MM making a nice percentage
So there we have it. This will do nothing to allay concerns and will add to them. I always wondered why Southern Gold sold the mines if they were such a great opportunity and now they are selling at less than the price they got the shares at ( which I never thought would happen ) More big sells yesterday at 1.2p. I hope for existing shareholders I am wrong, but this is now not investible and nothing more than a gamble. Southern Gold will have insider knowledge inSouth Korea. They may want even to trash the share price in order to buy back the asset on the cheap. Very murky.
Good interview with CEO Colin to calm market nerves
Southern Gold …Maybe