Current situation16 Apr 2024 23:56
I've taken my time whilst trying to make sense of the recent Director share purchases and personally I've come to the conclusion they were absolutely ludicrous.
Firstly you have Scott, who memory serves has about 14.5m in share options, who has already shown his faith buying £91k's worth less than 6 months ago buying just over £5k's worth, despite doing a recent interview saying he couldn't be because he's in a close/blackout period. Then you have Chris, who I understand it has received all the financial offers to shore up the balance sheet, buying not a lot more than Scott, but also having 9 million share options. He must, in my opinion be in a close period due to the fact a financial deal simply must be completed I would guess if not now then next month.
So why did they make such insignificant purchases? Was Scott being disingenuous when saying he couldn't purchase or being disingenuous when saying they would shore up the balance sheet, which let's face it HAS to be done by June.
ANY Director purchase i have seen has always been viewed as a sign of confidence, except these. There was absolutely no point, no need, they are at best disruptive and confusing, at least in my mind.
As for the future despite what others say, I see real progress. Nothing has changed in my view. They will get non dilutive finance to shore up the balance sheet. They will sign the Exploitation Agreement and the IPA and they will continue to derisk Cascabel adding value at every milestone until an acceptable offer comes in, and we'll also get the strategic review detailing what non core assets will be divested, at least in my opinion.
BUT if the above does happen, I can't see any explanation as to why that wouldn't be deemed insider trading. Nothing makes sense as to why they would buy that pultry amount at this particular time. As for a code, really? Next you'll be telling me a purchase of 1 means an RNS is coming lol.
All I can do is wait for an explanation, maybe there's a good one that I'm unaware of??