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Yesterday there was a total of c34m sells of 1m or more.........
1. Some were likely from ‘large’ day traders selling on momentum downwards, or stop/losses being actioned. The same traders will possibly come back when the opposite happens.
2. Some were extremely likely from Trafalgar as disclosed in recent RNSs and are continuing to sell at +/- 8m shares a day. (For background please refer to my ‘Trafalgar grievances and concerns’ post yesterday at 1102). If selling at this rate, they will run out of shares to sell by +/- Thursday 27/8.
3. Some may have been from Schroders. According to rule 8.3 RNS on 16/6 they had 82m CERP shares. Converted to BPC = 66m. If they are share dumping in bulk, they are likely to run out by early next week.
4. What about Bektash Manavi? According to rule 8.3 BPC RNS 25/6 he held 79m + 30m derivatives which was 4.5% of the company pre-merger. He also held CERP derivatives. Following the merger, Bektash would have >3% and as such if he was share dumping, we should have got an RNS until he reached below 3%.
5. Some may have been from advisors such as Gneiss or ex-CERP staff who got paid in shares on Monday. If so, they too will likely run out of shares to sell soon.
RNS
In my opinion yesterday’s RNS was very positive and so was the presentation. The author Andrew Nicolson (see PDF properties) did a great job in the presentation and graphics. If it wasn’t for the share dumping, I see no reason the SP would be even higher than the 3.2p it reached Monday. (It would not be impossible that BPC buy the shares at c2p that are being dumped direct and temporarily hold them in treasury to pay suppliers in dribs and drabs. This should stabilise and even increase the share price.)
A few interesting less obvious snippets from yesterday’s RNS and presentation small print:
• The projections were based on $40/b PoO.
• Gneiss Energy who were instrumental in getting the merger done, and have access to corporate financing will be retained for 9 months.
• Investec BANK PLC appointed as joint broker have access to future shareholders and money. Shore Capital are NOT a bank. Read between the lines! Could Investec structure a corporate bond/loan as well as recommend BPC to its HNWI clients worldwide?
• The appointment of Dr Parbodh Gogna was interesting in itself and shows the company’s commitment to ‘Health, Safety, Environment & Security (HSE&S) and Government Relations.’ What I found even more interesting was he is being relocated to Nassau in 2 weeks and not just as a figure head doing a part time consulting job remotely via WebEx. Due to the EXPENSE and permanency of the position for such an experienced politically savvy doctor, it implies to me, mega funding announcements will be made soon maybe with Stena or others. If not, it is unlikely he would have been relocated (especially in the middle of a pandemic) nor the appointment made permanent.
All the above IMHO. DYOR
Starchild
xxx