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Sorry for the typo: loose a lot money --> lose a lot of money
CF's project attracted not only less sophisticated/experienced PIs, but also a large number of big professional IIs (almost all big U.S. bank involved in different roles). He has also had one of his Australia friend, RS, involved and invested heavily.
Does RS do so without asking financial adviser's advice as most PIs? Possibly, as although RS has been a high-level executive manager for a long time, he is not specialized in financing.
Another CF's Australia, i.e., the former CEO of SM and the former CFO of Fortecue, was as smart as CF on financing.
He was the one who had earn the most from the project, buy selling his over 100 millions of shares early.
CF has not been able to sell due to his role; and to sell the project is one way to sell his shares early; although to see through the project to production -- completing the mine, may also be his ambition when possible. In all his interviews, he had shown his concern and care to his employees, but not PIs (including RS) or IIs that should take their own responsibility on high risks associated with high return opportunities.
Yawn !!
Change the record ffs
Buisness is buisness , bloody huge coincidence thou, old aussie pals from fortesque ,,fraser going on the board at AAL , smells to convenient , i bet hes got some future bonus s set up in the coming years , disguised as something else at AAL
RS would loose a lot money
___
Officially wwguk, officially.
KOH
Business is business, even if the offer is from an Australia colleague and friend.
The confidence of board chair RS to the company (including its fundraising plan) has been reflected in his purchases of the company shares using his own money (see below from the public sources).
Unlike, CF who got most of his shares for free or at a very low price, and would still have a few million pounds of profit. RS would loose a lot money. When the board has to recommend a takeover offer (not formally yet, but indicated), it would have been in a situation when no better deals available. All hope has not lost yet, although the chance is not high (with at least at some small value remaining with the AAL offer).
RS tradings as available in public domain:
16-Dec-10, 12.5m shares, at 10.4p per share, £1.3m holding 12.5m shares
23-Nov-11, 1m shares, at 23.65p, increase holding to 13.5m shares
25-Jan-12, 18.9m shares, at 18p (placing), increase holding to 32.38m shares
15-Apr-13, 3.26m shares, at 21.49p, increase holding to 35.65m shares
06-Mar-14, 1.67m shares, at 12p, increase holding to 37.32m shares
01-Sep-14, 2.1m share, at 11.75p, increase holding to 39.42m shares
11-Mar-15, 0.714m shares, at 7p (placing), increase holding to 40.1m shares
28-Nov-16, 2.56m shares, at at 20p (placing), increase holding to 42.66m shares
29-Apr-19, ...holding just before stagee placement: 43.5m shares
29-May-19, 2.1m shares, at 15p (placing, 1/22 plus some additional), increase holding to 45.6m shares
01-Nov-19, ... holding as display in SM website 45,645,005 shares