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I agree, that normally this should drift down to the placing price.
However - that would be on the basis of the place forward selling for a quick profit.
As we don't know who the place is, one would hope it a long term holder, with a belief in the fundamentals of the business, and as such has sticky fingers.
We may still have some Bergen shares to clear and flush through the system, and the are also some Broker shares, which I would imagine will be sold for a quick buck.
This could in the short term put the shareprice under pressure, and a drift down the placing price.
However... The prioritisation of clearing Bergen suggests a new offtake is imminent to me, and this was a condition of the new agreement.
Otherwise, a larger placing would have been on the table to clear the other elephant in the room SSGI.
Igf the new Offtake is announced - you will not be buying shares at this price... Look at what happened when the new nomad was announced.
When this moves, it moves quickly, and it is way oversold.
It is still a gamble, as it could still all go to the wall if SSGI play hard ball.
I doubt it though. The discussion with them is regarding non payment of EARLY settlement, I would imagine we now revert back to original agreement terms.
In the meantime, any one bit of news could light a fire under the shareprice.
Obviously New Off-take
but also
New truck arriving
News on Diamond Licence...
The downside is potentially 13% if it drifts to placement price.
The upside is...….???
New Off-Take agreement may come sooner than we think....
Don't forget last time this was negotiated we were still awaiting final BP Licence.
This is now in the bag.
If BP is the 'Aladdins cave' claimed, it will be extremely interesting to certain parties...
Still feels like the SP is being manipulated and controlled.
Every rise is sold into and crushed.
When it is finally 'let go' it will spectacular!
You would have your driving licence revoked for being caught asleep at the wheel, yet these clowns get paid a fortune for making a profession out of it!
Why was T1 of Bergens 'Bridging loan' not used for the Dec and Jan repayments?
Did he not realise there was a serious issue in December?
No wonder he could not look at the camera in his hotel room interview!
(I got banned for 3 days for pointing that out!)
Slipped in to the last paragraph of the RNS
"The Company also announces that Bergen Global Opportunities Fund LP (Bergen) have elected under the terms of their agreement to pause the funding of Tranche 2....."
Just about sums this up!
With so little information to make a judgement on, I have sold the majority of my holding at a huge loss.
Time will tell if its the right decision, but past experience in situations like this have left me with a total loss.
I have held on to 25% of my shares, but will buy the other stake back if a reasonable outcome is announced.
I may lose a few % in the process, but better that than risk losing all.
Terrible state of affairs.
GLA
Proves that the price is being held IMHO.
Mates rates while more big orders are filled?
1.1 million delayed buy from yeaterday
Follow the money!
Wow...Flurry of decent buys suddenly going through!
Do we have a hit on our hands????