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It need not be Golden Summit it may simply be a market maker that has maybe taken advantage of their privileged position.
Did not FM say he could facilitate a large sale to willing buyers.... Maybe not then.
Or of course GS have used the situation to run shorts
bassguy - I agree it is not in any shareholder's interests to break the transaction into 500K lots - but that is clearly what has happened.
Except it is in the interests of any Market Makers who might wish to paint the tape against us.
That theory is not really in shareholder interests as only one shareholder benefits and many could lose out as it is such a protracted time period. If the company know of this and did not offer an alternative??? We are in the age of ones and zeros why on earth would a 60m share sell need to be broken up into 250 and 500k lots if there is another entity to be transferred to???! The company could make a statement to calm the market if they wanted, we see no reason etc sos again who is being looked after?
Could still be a shorting mm knowing more shares are coming?
Daisydog - no it doesn't if Golden Summit are simply transferring to a different holding account as Chika had stated in an email to Gambit within the last 3 weeks.
All it takes is a Market Maker to say 'yes we can do the transfer for you, but we have to do it over a period of time, to ensure an orderly market'
Then they simply pile all the sells in first, to knock the price down so that they can pick up shares themselves, and later process all the balancing buys at the same prices. The person doing the transfer is happy because it does the transfer at the lowest possible price, reducing any tax liability, just like they do on every Bed & ISA transfer.
Guess having a large known seller blows the naked short theory out of the water anyway.
Tones. Laudable sentiments but if figures cited in 06.16 post are correct , selling all at the rate they were doing in August might take 2-3 months? That would extend even into the period of possible award of ESKOM contracts. Personally, I'd like the BOD to come up with a solution that closed this off rather more quickly.
Numpty goodnight xx
Also, I think my view on the JSE listing is well known.
knuttie you are perfectly entitled to have a different opinion to me. That's what the board is supposed to be about isn't it?
You're wrong but entitled to be. In my opinion obviously.
no mogw .. that is not what I said... I said I was sure FM was aware of the selling and if he had wanted or was able to buy into treasury he could have made an orderly transfer.
I surmise he did not want to or was not allowed (by various rules).... so your 'would it not be a great idea ...' my guess was already thought of and discounted
except*
Yes Jog I feel safe in my investment knowing it is just normal selling and has to end someday. It was bad timing with the COVID drop and did not allow the recovery.
Fortune will know from the share register what is going on and they are selling on the main market because they want to. There is no alternative, expect some of the new members of the BOD to buy some shares.
Numpty I love your posts but I can’t agree with you on this one. It only needs a comparatively small sum for a comparatively short time frame. On JSE listing Bushy could easily double that sum just by the sheer confidence boost.
No downside? Diverting millions of pounds away from building the Company isn't a downside?
numpty5 - FM has previously said that if a major shareholder wished to sell down, then he would facilitate a transfer to a buyer. This has not happened and the share price has suffered as a result.
The JSE listing provides a convenient route for a transfer of shares via a short term treasury holding. I don't see any downside to doing this and neither do 104 other readers of this board.
Mogwhy. With respect. You and everybody who ticked up you post need to either take a reality pill or sell your shares and invest in the latest unicorn chasing company.
From where I'm standing we have a BOD that are building an integrated Vanadium mining and grid scale energy storage company from the ground up and doing an incredibly goo job of it to date.
To suggest that they should divert millions of pounds to pander to the short term desires of a handful of impatient pi's is naive at best and pathetic at worst.
If I thought for one second that Mr Mojapelo was so stupid as to give that a milliseconds thought I would sell up on Monday.
However, thankfully I am sure he isn't and will be buying £2,300 more Monday.
You really should be careful for what you wish for.
faramog - if FM was aware of GS selling, then why did Chika tell gambitxjs the opposite. That it was just a transfer with no change in beneficial ownership.
If GS are selling down out of spite due to a falling out with BMN (remember the AGM votes) then maybe they wouldn't play ball with FM regarding taking over their shareholding.
The bottom line is we don't really know what's going on, so let's try and force some info out of the company.
If FM wanted to do this (and I cannot think he was unaware of GS selling down), then an orderly transfer could have been arranged ... don't you think ?
As for whether the company is allowed to do this I don't know (not a market nuance fiend), but if Bushy agreed a large transfer to treasury with a view to re-issue or moving, then a couple of things come to mind, both centred around apparent or inadvertent manipulation.
In any case, if this could be done then I for one feel FM would have made approaches to GS
My post from 12:15 yesterday has now got 84 recommendations in the first 24 hours. Please go and read it if you haven't already.
If you're normally just a reader of this board and not registered with LSE, please consider joining so that you can make your vote count.
If it gets to 200, I'll write to the company to make sure that they are aware, although I'm pretty sure this board gets monitored anyway.
The sooner we can clear this Golden Summit overhang, the sooner we can move forwards. This will especially help those who had expected to be taking some profit out by now after all this time.
Sounds like a great idea!
Imagine waking up to that in an RNS on Monday morning.
100% spot on Mogwhy, unless there is something untoward festering in the background. With JSE listing needing shares & the company seemingly not requiring new capital it screams out to be done With GS. If they Are finished selling, though not seemingly the case this week, then happy days anyway.
At the current share price it would cost BMN around £4m to take over Golden Summits' remaining shareholding. They could then be added to the existing 670,000 shares which are currently held in treasury until the JSE listing.
This would boost the share price in the short term and put us on a path towards a fairer market value.
They would almost certainly make a good profit on the JSE listing. With our current cash pile and revenue generation this is easily affordable and would go a long way to restoring shareholders faith in the board as it's obvious that a fair number of us are pretty disappointed with some aspect of the companys' behaviour.
Please vote this post up if you agree, to get some idea of whether this is a widely held view of the sort of action that we need from the board.