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Looks like Randy and Nicaraguan Mining co. have reduced their holdings from 9.8 to 8.6%. Wasn't expecting that?
Randy has sold 1.47million shares.
Correction: Should have read Nicaraguan MILLING co.
MC has been mentioning in recent interviews that some major shareholders don't see the benefit in toll mining and would rather wait to process the ore in-house to reap full rewards. NMC may be being sidelined by other major holders and may be on the way out. They've got alot more to sell if so, but JM is signalling that he's prepared to pick up the slack?
I was convinced Randy would have been offering his advice and guidance to Mark on the purchase of the 2nd hand mill. Why would he sell now, if he was aware the purchase was going to go through and the impact it would have on the share price? Hopefully Mark knows why he has reduced his and the NMC holdings.
Might be that toll agreement is on the cards now, although you might have thought the sp would be higher post rns
As is said many times.....no profit is bad profit and in uncertain times who can argue with the sentiment
Indeed. While buys are a fairly unambiguous vote of confidence, the motivation behind sells is often rather more difficult to discern. His reasons could well have nothing to do with the company. He may have a tax bill/wedding/divorce/car/house/yacht to pay for. He may have an eye on another investment/business opportunity. Or just taking some profits. If there are further RNSs, then it will be a little concerning, but if that's it, then the sells have been absorbed by the market (and JM of course), so not too much damage done.
I still think it is strange that after buying approx 2.4M shares in the recent placing at a price 36.5p and just over a month later they sell approx 1.4M of those shares for no more than £35k of profit. I guess there is the warrants to consider, which gives them the rights to 1.2M shares at 40p for 3 years, but 50% are subject to an accelerated exercise period if the closing mid-market price of the ordinary shares on AIM is more than 55p for 10 consecutive trading days, which could be next few weeks.
He hasn’t sold!
Andrew, what do you mean he hasn't sold???
The collective holding reduced from 9.8% to 8.6% (even if the .2% in his name remained)
It is also odd the company announced a holdings RNS 2 days ago as if to state ok 'this is the position now' and they knew there would be activity.
Great news for me that Jim bought 400k on same day as these were sold and the share price still went up.
I agree none of us know the total picture or what happens next but thank God Jim took up the slack or the negativity could of toppled the share price or more importantly confidence.
Must admit after coming of the golf course to the RNS my first reaction was WOW....................
If anyone can help fill bits in this jigsaw please let us know................
Elise I would 100% agree with you, had Jim not bought 400k
Lets not forget well over 1 million shares traded today and the share price still went up!!
Mark has made it clear from day 1 he views Jim as a long term personal friend as well as a stakeholder so surely Jim would be closer to CNR next steps than anyone (and that gives me confidence)
In a previous interview Mark did say he much preferred the Toll Milling option rather than holding out for 100% profits and maybe at this point both parties see a different direction for CNR.
Equally as stated Randy saw value in the shares at the pricing place, and don't think he would sell at a loss......
Just a thought however maybe was unhappy with the home of the unknown shares in the placement??
What you noobs talking about. He hasn't sold, he just just didnt take part in the recent raise!
Before raise 95,163,522 shares in issue. Nic milling company holding 10,017,208 = 10.5%
After raise 117,050,000 shares. Nic milling holding at same amount = 8.6%
Which mean he sold zero shares and did not take part in recent raise. You guys just flapping for no reason.
Forget the percentages, yes they can be confusing if the total issued shares changes. However, the 8th June RNS states that NMC has 11,482,940 shares. Todays's RNS takes that total down to 10,017,208. So 1,465,732 have been sold.
Maybe I am wrong however the RNS on Wed 8th has
Tot of £11.482m (NMC 9.84M and Randy 1.64m)
This RNS states a disposal with subsequent holding
9.84m and Randy 174k
Randy has sold surely????
Don't think the timing of the RNS means anything. CNR will have put it out as soon as they reasonably could after being notfied. There are stock market rules about having to release market sensitive information promptly to reduce potential for insider trading.
Elise I agree uncertainty, this is where Mark will earn his salary (or at least I hope he does)
As CEO/Chairman he needs to install confidence in the market and shareholders (large and small)
Here's hoping
I stand corrected. Hands up. Either way not concerned though. He sold his personal holding looks like so could be tax reasons. Who knows.
Also if he has only sold personal holding, only 174k to sell as of RNS
Quoting Mark:
1.
“ NMC has not sold any shares.
Randy Martin exercised the 25p warrant for 1.64M shares. The company received £410,000. He was sold the shares he exercised”
2.
“ It is a bit confusing. The Placement in June 2019 had accelerator warrants, which had to be exercised if the shares traded above 40p for 10 days. Randy has other commitments and didn't have spare case, so he exercised and sold. Buy has retain 100% of the original US$2.5M investment at 20p. He is happy”
It’s all a matter of perception.
OK, think I have got to the bottom of it. NMC and Randy subscribed to a total of 9842520 shares in the placing last year as detailed in the RNS dated 8th Jul. The holdings remain the same now therefore all that has happened is Randy has sold off the shares he got through the warrants last month, nothing more. NMC have not reduced their holdings.
That explains why the percentage tie up which i posted earlier. The missing link is there is no rns stating nmc increased their holding through warrants.
Thanks andrew
Thanks Andrew for that info. I'm too tired right now to make sense of it all, but it sounds like there's a rational explanation that doesn't involve NMC selling, so that's good to know. Thanks again.