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IMO- this stock requires company directors to purchase more shares in order to regain investor confidence..
The directors bought 5.6 million at the IPO.
Do. Some. Research.
Where is that info lolades.
We have no director deals showing any of these buys on financial sites example……. https://www.wsj.com/market-data/quotes/ARBK/company-people
Are they option shares the 5.6million whatever it is ?
"The directors bought 5.6 million at the IPO."
Did they? I couldn't find this anywhere. I know the total amount locked in (10.65m) but can't see anything that breaks this down. If you have, could you please point me in the right direction? Thx.
They bought 5.6 million at the IPO and were given options to buy a further 5.5 million at £1.57.
But doesn’t say this on any director deal sites.
I keep hearing this too, & can't see it.
Would be grateful to see if they were awared or bought
I thought they were options Pete can reward himself with at any price over 157p and can do that when the shares a tenner in a timeframe.
Where’s the info lolades ?
@Cala "Lola, if directors buy shares it has to be publicly disclosed."
I was looking into this the other week, reading the LSE docs and I'm still not 100% clear on the rules. Argo *did* publically disclose that directors were buying in the official prospectus, but I'm not sure if that counts!? - Usually it's done via a RNS... I'm assuming it was the non-exec directors, and don't know the rules around those, is that the same as exec director does anyone know?
Currently disclosed: https://uk.finance.yahoo.com/quote/ARB.L/insider-transactions?p=ARB.L
Official DIrectors: https://find-and-update.company-information.service.gov.uk/company/11097258/officers
@Lolades78 - Doing a bit more digging I see the amount of shares subject to a 90-day lock in was 5.6m on the prospectus published on Sep 17. Is this coincidence or is this where you are getting your figure from? If the latter then this number changed to 10.6m on the final prospectus but in any event I don't think you can infer that it all relates to director buys in the IPO.
Non execs do have to disclose.
"entered into by our directors and officers"
Seems like the directors were involved.
The next financial update will provide an exact number.
Yes, agreed, but the lock in may apply to all shares they own, not just any purchased in the IPO.
So basically we don't know but like you say we should be able to find out soon.
No, it specifically mentions that it is new shares in the IPO not old ones.
Hexam
“ Yes, agreed, but the lock in may apply to all shares they own, not just any purchased in the IPO.”
I would doubt that is the case, but really, it’s neither here nor there. It’s not material, in any context.
Just reading the prospectus again, on pg82 about lock in period it says
“Each of the Directors have undertaken to the Company and the Underwriters that they will not, and will procure that any associated party will not, dispose of any interest they hold in the 5,631,197 Ordinary Shares held by them”
So, that to me reads 5mln *existing* shares that they own, rather than *new* shares!?
Bought some just to say 'wouldn't want be out of this over the weekend'. :)
"5,631,197 outstanding ordinary shares will be subject to 90-day lock-up agreements entered into by our directors and officers."
It's new shares, Longinvestor. Then the updated prospectus refers to the shares they have procured.
Longinvestor - that was from the Sep 17 prospectus. The final prospectus filed on Sep 23 ran:
"of which approximately 10,649,983 will be subject to 90 day lock-up agreements"
I was reading the "Argo_final_prospectus.PDF" on their website https://argoblockchain.com/investors/ which you would have hoped was acurate source! :-/
I'll have a look at Edgar later...
I reckon PW needs to announce some significant hash rate purchases and let the share price run up on the news then do a share issue to pay for them.
No one seems to want to know with argo, maybe because we are being outgunned massively but other miners who have a development schedule.
I'm not sure where these 'best' executives come into play with the 20 strong team. Not quite the dream team it was portrayed to be.
Crank up the hashrate and get the coin before the next halving, no point just having a warehouse with some plug sockets and baths.
It's a race and Unfortunatly it looks like we've backed the fatty when we needed gump.
Hopefully we can shed some baggage and get back in the race.
The section are referring to is correct, Longinvestor but it refers to the 5.6 million 'outstanding' shares they bought in the IPO.
As the registration states:
"5,631,197 outstanding ordinary shares will be subject to 90-day lock-up agreements entered into by our directors and officers."
@Lolades78
I've scanned over the Edgar prospectus from 23rd Sept:
https://www.sec.gov/Archives/edgar/data/0001841675/000110465921118579/tm2115473-31_424b4.htm
But can't find anywhere that says any directors actually purchased shares or ADRs? - All I can see if they are not allowed to sell shares they own, here is the quote on Pg 148 from the last prospectus and doesnt mention *outstanding*
"5,631,197 ordinary shares will be eligible for sale upon expiration of the lock-up agreements described below, beginning more than 90 days after the date of this prospectus."
Can you share where it says directors purchased shares?
Longinvestor
Nobody cares.
On pg 112 it also states "This number represents (i) 5,631,197 ordinary shares owned by the directors in the aggregate, as of June 30, 2021" which therefore confirms those share were EXISTING not new shares!!!
@K3VMC 'Nobody cares'
I do, it makes a big difference if shares are purchased by Directors! - If you don't understand the reasoning behind that, you have a lot still to learn!