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"Getting a lot of questions regarding our irrevocable sell instructions.
As stated previously, our instructions were non-cancellable. Our broker will continue to sell down 1% a day, even if I demand that they stop."
that's pretty grim tbh, not what shareholders wanted to hear at all. Essentially, downward pressure is going to remain on the stock for some considerable time.
but WTF...
why would you enter into such an arrangement!!!??? Zero flexibility.
I am fairly sure that the broker could agree - for a price - if they were approached by JB but the 1% a day sale is not a terrible burden at the end of the day although it does represent a disorganised market. The 1% sale represents a double-edged sword - a potentially buyer has to balance the benefit of potentially acquiring more shares at a cheaper price against the certainty of owning the company at a competitive price and the risk of another interested party making a swoop. If an offer is made that comes will the support of Crawford then you have to consider he will only put it forward if he knows that JB will support it.
BigBangs - He's just stated "non-cancellable" though. Been doing this for too long to know that if he's now forced to sell 1% every day (and the market now has that confirmed) very little is going to happen here unless AMGO can get out some brilliant news.
i have said before and will say again the sell agreement may be " irrevocable" That does not preclude a scenario whereby JB sells the agreed share volume to himself or a holding company! the broker and Jb may have a " binding " agreement re commission,volume or otherwise but no agreement is so binding as to insist on a sale even when there has been a material change to circumstance !!! That agreement does not and cannot exists.
However even if the sale has to go ahead there is nothing stopping the preferred buyer being the seller ! there is also nothing stopping the buyer being a shell company.
So irrevocable may be applied to the sale agreement,but not to the situation. JB can stop the negative impact of the sale relatively easily if he so wishes !!! END OF
Judge - one would expect that JB knew JC was returning to the helm today. On the basis that he did, it hasn't stopped him selling down yesterday and I suspect we'll see another one for today shortly - or tomorrow. I bet you the traders now starting offloading in mass.... and bet we'll see the 10/11s again very soon. Only thing that prevents that now is further news IMVHO ... good news of course.
Disappointing from JB , crazy situ for him.
And why would we not get brilliant news Nickel? The market expects it but does not know when - traders and market makers will make the most of things in the meantime. Like you I have been doing this for a long time, look at the fundamentals, trade if you have to but at some point, hopefully soon this will fly. ATB
Nickel Investor imho JB is party to the buyer of Richmond shares.
NICKEL your past behavior makes it palpably clear to me and many others that you sold maybe mid 14 today and are now de ramping again lol so more than a pinch of salt with your posts ill take a spoonful thanx :)
i can only assume he entered into the irrevocable agreement, because he would have very strongly believed he would have got more then 20p on the market for it.
He's clearly very entreprenurial and as much as some may think, he 'threw his toys out of the pram' and now he's losing money, my guess would be that before commiting, he believed it was a favourable gamble.
Im guessing he felt stronger that to sell it to the market at 1% provided a very good probability that it would earn him more then the opportunistic 20p offered. And there is probably other unknowns that we are unaware of that went into the decision making.
JB has also just advised that if other bod members go, they could possibly re-invest but that still wouldn't stop them in the first instance from having to reduce all their holdings as he can't cancel the order!!
So pricing wise... the short term bias (over the 6 weeks or so) is downwards because of the pressure to sell 1% but long term it's going to be very interesting.
WRONG nickel ! which bit dont you understand ?? he may have to sell but he can set up holding company and buy them from his broker himself !! stop de ramping lol
Nickel_Investor Slightly over dramatic head line don't you think.
Nickel Investor, Logically why would JB sell a 60% stake in a company that he founded for 90% of the value he thinks its worth. Either a 3rd party is buying too which he is connected or he is a forced seller and desperately needs the cash.
Maybe Richmond Group is in financial trouble and these sells are part of an agreement with lenders.
Judge - please, let's not go there again. It's becoming a broken record .
I have just stated the case which is a balanced view of the current dynamic. Short term - downwards pressure is absolutely inevitable... beyond that (6 weeks+) it could change somewhat if Bod members go and JB is convinced to get back in again. Only thing that could that is if very material news lands before.
Only a matter of time
@JamesBenamor
· 8m
However, our faith in Glen is very strong, and once we are sure that Stephan Wilcke and Roger Lovering have left the board, we would see a strong possibility that we will reinvest into Amigo and play a part in the turnaround.
JohnHenry - because he has to sell 1% every day and can't do anything about that. Just confirmed.
However, our faith in Glen is very strong, and once we are sure that Stephan Wilcke and Roger Lovering have left the board, we would see a strong possibility that we will reinvest into Amigo and play a part in the turnaround.
Kept I think I agree - JB has blindsided and frustrated me no end but I do not think he is stupid or that his pride would have allowed him to sell at a lower price than he could have otherwise achieved - overall. With regard to the irrevocable undertaking - this is nothing more than a contract between two parties - JB and his broker - the broker will potentially lose money if JB removes the undertaking therefore if JB makes up the loss they could decide to void the contract and cancel the undertaking. Personally although I can see such an event giving a lift to the SP overall I don’t really care and am not concerned by the daily sale - I am much more interested in who is buying the shares and what their intentions are.
Thing is if the 1% was going to someone there would be an RNS once above 3%... there hasn't been.
OMG Stoop that is massive massive news, I may well have to add more. Stephan, Roger, in the best interests of the company, please leave now.
Nickel_Investor u going to sheet on ur foot soon ;-)
So what do you believe is happening to the share Nickel? I appreciate the lack of TR1’s is confusing but surely you do not think the shares are being picked up at 20,000 a time by retail punters?
no TR1 = an army of come back...