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Very fair points steve & dibs. I may have been thinking too much about this over the weekend.
Monty, we are up over 40% in the last month. The share price will have days where it drops back a little or consolidates for a while before moving up again.
Fear not monty. The market just doesn’t work according to our timeline unfortunately. If it did we’d all be a lot richer by now! Patience is an investors friend but a traders enemy.
Thought we might have seen off 6p today. Find it odd how other stuff can go up 10% on nothing yet we are here with a potential genuine world class asset and can barely move 2%.
Why sell for a five bagger when you could sell for a 50 bagger in another years time. After all I dare say they know as much, if not more, than us. Prepared to be proved wrong but I very much doubt we are going to see a wall of selling from Wednesday onwards. Possibly buying though, in which case the liquidity offered by those sellers will be very welcome.
Unfortunately haven't made the AGM despite being off today and London based, as needed for childcare. Looking forward to some feedback later. Hope CB is on form again today.
Guys who are that smart also would likely be holding on Wednesday - unless they have found an even better prospect to put their profits into!
"The Acquisition Agreement has been entered into today by the Company and ProspectOre, an Australian public unlisted company." Very hard to find out who the shareholders are.
https://markets.ft.com/data/announce/detail?dockey=1323-14560414-0NF39I6NIP2M39JSO0SN6MS74G
"The total consideration is apportioned as to £10,000 in value for licence EL8305; £10,000 in value for licence EL8306; £10,000 in value for licence EL8585; and £1,220,000 in value for licence EL5574 (the Racecourse resources lies entirely within EL5574)." much more detail in the article.
From Ian Wallace Linkedin page "ProspectOre Limited is the Australian subsidiary of Xtract Resources PLC (UK listed). ProspectOre holds the Bushranger Project that was first identified by the IQ Minerals Group before being vended into Xtract." https://www.linkedin.com/in/ian-wallace-1131a087/?originalSubdomain=au
Quintin Hills linkedin page "IQ Minerals Group is a private company that actively pursues mineral resource project development opportunities."
Anyway - if they brought Bushranger to Xtract and CB, very well done to them - and if they have held or cashed in their shares, very well done.
That's why I asked him he question ..guess if there's a dip Wednesday we'll have an answer..well maybe
I think one thing that's highlighted today is that 50m plus shares on a 5 bagger can be traded from wednesday 27th
Look, guys, there are going to be size sellers from options, warrants and escrow shares all the way up from now onwards. Just like with GGP in the early, middle and peaking days. Get used to it and hope/pray the next round of drill results confirm 2mT Cu or more at BR. That's all that matters now, unless I've latched on to a short term trading tread by chance.
Quinton Hills is a director of IQ Minerals which identified the resource for Prospectore. ProspectOre was formed just for Bushranger acquisition. I suspect QH was also one of the beneficiaries of the shares. I guess the team are well incentivised.
quote: ‘still of the opinion that most of the Ore bodies traded their shares when possible,’
why wouldn't they sell that 50% they were able to ("when possible") -? April share price represented a 5 x profit for them lol
But it would be extraordinary if prospect nominated somebody who wasn't also part of prospect and also that Jeremy would be involved if he wasn't part of prospect.imo.
Jeremy was asked by prospect ores to be a director of xtr to present their interests, it's pretty safe to date if he's not the owner, then he's at least a co owner.
My understanding is that Jeremy as the ex head of exploration in Australia for bhp, knew about Anglo giving up on bushranger and then took it on and looked for a company to take it forward as he was a great believe in it. Xtr managed to step in and Jeremy has been proven very right. (I can't remember exactly where this came from possibly interviews).
But it
I'm pretty sure that Prospectore was closely held, a few large shareholders - it was a private company - just don't see any of them on the share register do you?
cyber - quote: ‘still of the opinion that most of the Ore bodies traded their shares when possible,’
Why?? Fact is half of them can’t be sold until this Wednesday anyway. That’s hardly ‘most’ and given what we have now I doubt there will be a stampede for the exit door lol
OK fine thanks Dibs, so he's held onto his, rightly so as he's running the show! only 11m shares though, just over 1% fully diluted.
- still of the opinion that most of the Ore bodies traded their shares when possible, eg Ian Wallace - might be holding through nominees I guess
May be not.
Proposed Director appointment
Under the Acquisition Agreement, Xtract agreed to appoint a person nominated by ProspectOre as a director of Xtract with effect from completion and the Board of Xtract is pleased to announce the proposed appointment of Mr Jeremy Read as a Non-executive Director (subject to satisfactory completion of any regulatory procedures and approvals required by the AIM Rules). A further announcement will be made shortly.
Jeremy Read is a seasoned minerals resource industry executive, having worked on a broad range of precious and base metals projects in Australia, Africa, North America, India and Scandinavia. Mr Read has wide ranging experience from project generation, greenfields, brownfields and project development. He has extensive exploration experience for gold, copper and nickel sulphides. Mr Read spent 11 years working for BHP in Africa and Australia, including several years as the Manager of BHP's Australian Exploration Team. Mr Read played key roles at BHP in the discovery of the Kabanga North nickel deposit, in Tanzania, and the Cairn Hill magnetite-copper deposit in South Australia, and subsequently at Discovery Metals Limited, in the discovery of the Boseto Copper deposit in Botswana.
Since 2003, Mr Read has concentrated on developing junior mineral resource companies. He has been the Managing Director of a number of ASX-listed resource companies: Discovery Metals Limited, Meridian Minerals Limited, Avalon Minerals Limited, MinQuest Limited and Pursuit Minerals Limited. Mr Read is a Member of the Australasian Institute of Mining and Metallurgy ("AusIMM'")
cyberiachas - confirmation that Jeremy Read was a director and shareholder in ProspectOre from XTR RNS dated 3.11.2020
https://xtractresources.com/investors/rns/directorate-change-2/
‘Mr Read was a shareholder in ProspectOre Limited. On completion of the Acquisition, Mr Read received 10,545,906 new Xtract Shares representing 1.7 per cent of Xtract’s issued share capital. Mr Read has no other interest in ordinary shares in the Company.’
ps not saying Jeremey wasn't PO shareholder, just can't find anything to that effect
Hope you get better soon Iceberg, sympathise.
but not sure what Jeremy Read has got to do with Prospectore shares? was he one of the guys bought out? don't think so.
per the xtr accounts/website there are only 2 individuals with 3%+ of the shares:
Mr Alex Terry (UK) 4.46 % - purchsed 2017
Mr Peter Hall (UK) 3.09% - think he is an aussie mining investor/entrepreneur - don't think he was at prospectore
I would think PO directors would have to disclose their XTR shareholdings if they were abover 3% as they were party to this significant takeover.
Will take a stroll round covent garden, anyone else around and about?
People are assuming that (if it is legally possible to sell their shares) ProspectOre shareholders are going to behave like bucketshop flippers lol. I don’t think so, multibag or no multibag, anyone who owns shares from PO knows the value here. ;). At least that’s my view anyway.
The shares legally can't be sold without disclosure, partially because of the major holding rules, but also the insider trading rules. Jeremy Read, is the very definition of insider, so for him to sell his golden eggs by selling the PO shares into a rise would be 100% illegal.
Again there is nothing, zero evidence to support that this has happened.
It's far easier to think that he knows the true value of the bushranger and is simply holding them until Anglo make their offer, after all he would have helped negotiate that contract.
I still feel pretty rough tbh, so again if I've got any of this wrong, sorry, but I think it's pretty clear.