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People looking at sales of shares are looking at the wrong place imo. Options were issued, a year or so ago, they have been partly realised, and some of resulting shares sold. Nothing doing!
The one area GH and CB are vulnerable is take home salary and pensions. £1m+ expenditure when Company has zero revenues is highly questionable.
A CEO selling stock is not nonsense but a legitimate topic of debate, almost a corporate transaction. To some they may find the discussion about this as some form of ad hominem attack on GH which is bollux.
Anyway, it is what it is.
GLA and let's look forward to Biswas's performance in 2 weeks time
wow, he owns some shares, he sold some shares. do you think he will start crying when you lot try to top-slice or sell?
a whole day of this nonsense.
Just to be clear after the sale GH still owns 74m ordinary shares which represents 2% of the company and he holds 27m share options at various strike prices so the fact he sold 2.75m shares is a very small percentage of his total holding. Only right he should sell some along the way.
I would like to add my voice to those showing appreciation for Gervaise's and Callum's efforts. I have never met either individual as not attended an AGM but as as a very long term holder from the days of .5p and less i can honestly say that not only my life but my children's and extended family will be impacted for the better once this is all over. if either of you read this board my very deep gratitude and good fortune to you both, you deserve it !
GH can do whatever he wants but being a director he has to report his trades. He's an ex-fund manager and plays the game very well, we're not making any revenues so the business model relies on share dilution. Shareholders need to except how things work.! When GH talks about maximum value for shareholders he's also including himself & Callum in that statement too.
No problem with GH selling. It is the MM’s who tried to take advantage of it that we should be having a go at. Reducing the price by 0.5p was a bit much, but the opportunity was seized by a few on here to top up.
The MM’s have a firm grip on this at the moment, but it won’t last. We need GH to confirm drilling has started at Scallywag to get the ball rolling again.
Haven't had much time to read the board lately, when I scanned the headlines, it looked like our fantastic CEO GH had sold a significant proportion of his holdings...
Having had the pleasure of meeting and chatting with GH at 3 AGM's, maybe some of the more recent PI's in GGP are mistaking GH with 90% of the CEO's of lifestyle P & D AIM companies.... This could not be any further from the truth. GH and CB have always looked to create a £1BN Co and have always strived to create maximum value for SH.
If GH needs a little cash then I have zero issue with him liquidation a tiny percentage of his more than 100M shares (inc options).
Stay well GLA (LTH's)
Well best of luck with your thoughts laddie!
GLA
@blantyre
"Why do you think most forums have a director's buy and sell notice board. Certainly not to check out for good governance."
Actually, that's exactly what it's for, is for good governance.
@addicknt
"I have no problem with your analysis concerning options versus salary, provided they are commensurate - which in this case they are, but I'm rather old fashioned and don't like seeing executives receiving excess rewards until such time as a company is fully established, profitable and has attained it's goals."
True. I'd say we have attained two of our most important goals -- 1) we've found a whopping big gold/copper deposit 2) we've successfully negotiated an arrangement which is virtually certain to result in its monetisation. Seems highly appropriate for GH to begin to collect some of that reward, and as you noted, it's not been excessive.
Perhaps it helps to see the options as a combination of salary deferral and performance bonus. He's really only cashed in the salary deferral portion, IMO.
It could be that an institution told a market maker that it was interested in buying say 1,000,000 shares at slightly below the current buying price, so the market maker approached GH to see whether he was prepared to sell that number of shares at slightly better than the current selling price. GH agreed, and the deal was done. Both the buyer and GH knew that they could not buy or sell that quantity in the market at that price, so both sides were content with the outcome.
Getting ready for his place on the nc bod
Please chaps look at the share price from 1.5 to 13.5p why not take some profit and slice off. Also the fundamentals continue and he still has a substantial holding. I was going to slice off my self with some profits but found the money. Its no brainer where ggp will go we will see 20p very soon.
TMT, well, yes and no.
I have no problem with your analysis concerning options versus salary, provided they are commensurate - which in this case they are, but I'm rather old fashioned and don't like seeing executives receiving excess rewards until such time as a company is fully established, profitable and has attained it's goals. And, despite the stellar success thus far, and don't get me wrong, I'm delighted with what's happening, we are not yet fully-fledged.
Too many CEOs are over-compensated (I'm not saying GH is, in fact, he isn't) and the stench of people like the crook Rob Terry and the sleeze ball Parsons, hangs over this market and one has to be tread carefully as a result. (I'm not in any way comparing GH with those two, btw)
I couldn't be happier with what GH has achieved thus far, but I find retaining a sense of caution is always helpful whilst investing in small companies.
This is obviously just my opinion and I know others feel very differently.
Why do you think most forums have a director's buy and sell notice board. Certainly not to check out for good governance.
GLA
"It’s not a good sign when people with inside info start selling their shares whoever they may be"
No. Just no.
It's a good sign when executives choose options instead of cash for a significant portion of their compensation. It's good governance to put a vesting period on options. And it's a good sign that the compensation plan is working as intended when the executives exercise those options after the vesting period and occasionally sell some of those shares.
Seems like some people would be happier if instead GH were paid a larger salary and were depleting the company's coffers. That's the alternative. We only have a company because the compensation was done this way. Otherwise, there wouldn't have been the money to drill Hav.
He is presently sitting on over £10.3 M in shares I think him selling 370ks worth hardly means he’s selling out. It’s a sign the weekend is drawing near let’s hope that tomorrow we get a new broker estimate and Scally drilling news to shut this lot up for a weekend.
Maybe GH is selling now because he doesn’t think the SP will be going much further .
It’s not a good sign when people with inside info start selling their shares whoever they may be
Personal summary....
We can all sell whatever and whenever we wish
GH is bound by AIM rules to protect us shareholders
No problem with GH taking profits that he has 100% earned deserved
Outlook has not changed JV with NC on Hav
NC being recommended as a strong buy because of Hav
Multiple other targets being or to be drilled....
Some clown posts about shorting and possible 3-4p...
As I say just my thoughts... patiently waiting and trusting GH.. Rup
TmT, I am quite happy to admit that I can be bought with a few drinks. Bollinger, Margeaux and d’yquem would be my choices.
@daveri
Exercise of options and sell of shares was carried out the same day, undoubtedly done as a joined up decision, and reported concurrently. It's odd to separate them and put the option exercise first in your calc (especially since the options weren't eligible for trading until later).
I don't see it that way. I'd say that his transactions that day and since have reduced his shareholding by 1.25 million out of 75 mln (<2%), or his total share entitlement (including in-the-money options) by 6.25 million out of over 100 mln (about 6%).
But we're largely into semantics, I guess. As you state, it doesn't at all call into question the case for investing here.
@TMT - The actual percentage is 7.788%.... Had GH not sold any shares since he exercised his last options on 23/7/20 then today he would have 80,250,000 shares but he sold 6,250,000 shares which is 7.88% of his holding leaving him with 74m shares (2% of the total issued share capital)- until he exercises his remaining 27m share options then they do not form part of his holding (although I agree given the low strike prices he will obviously exercise them when it suits him) - My calculation was not ludicrous but factual - anyway as I have already posted his share sells has no relevance to my bullish feelings on GGP. ALB
@mushroom / Tig "There will be a drinks bill to foot and it didn't escape my attention Tig that you were £30 out of pocket last time. GH is probably coming over to redress that together with giving a breakdown of all the bills he paid to justify the audacious sale of 0.0000001% of his shares. We shareholders must be appeased!"
We are now confronted with certain inescapable facts.
1. Long term contributors to this board expect GH to bribe them to be content with his financial dealings.
2. They know that he thinks they can be appeased with a few drinks.
3. They are tacitly acknowledging that they really can be bought for that price.
4. The same accusation is also laid by them against Panama, Fred16, and Jerry. (And perhaps speedy, though with a caveat that probably excludes him.)
So there you have it. Rather troubling. GH can plunder the company and as long as he buys these select individuals a few drinks....
Starting the weekend early again.
As of a year ago he held 25,750,000. He now holds 74,000,000.
It's ludicrous to say he's sold 8% of his holding since 23 July unless admitting that he's also acquired shares. He held 75,250,000 shares and now holds 74,000,000.
He also reduced his options by 5 million, so net, he's reduced his shares+options by 6%. So you could argue 6% is a better measure than 2%.
He also agreed to extend the vesting date on the large majority of his remaining options, something he wouldn't have agreed to do if he were trying to strip the company.
Options are part of his compensation. He is using them. It is better that he do so than take a large salary.
Hi Tig. Me, behave, you must be joking. See you at The Stag, the bubbly will be on ice waiting for you and the gang. ATB Speedy