RE: Major shareholders25 Aug 2017 11:21
Bythesea: many of the large holders were interested in PJs strategy/CAF, not PERE. The two have distinctly different strategies, structures etc. So I imagine many sold out when this spiked (two or three spikes if I remember correctly). From what I see, Darren Hazelwood had a few shares from the Dec placing (given he has 4.34p warrants) and appears to have stuck with the new leadership. Of course a few who held would have gotten diluted too. In all 46 million shares were issued in Dec 16, at 2.17p. So unless they sold, they are sitting on a paper loss. I read on twitter that the recent placing is mostly in sticky hands. Who knows with twitter: as Chaz has pointed out, it's PND playground too, just like so many BBs.
We know the facts. Directors have about £152k in the company, are not taking salaries and working towards fund allocation.
The two assets obtained under PJs leadership were again junior explorer assets: unsuitable for DLs plans. Indeed, we made a small profit on them (plus the shares given in lieu of assets were at higher prices)
On dilution: the recent interview states that upto 20% dilution is allowed on main board without any new prospectus (this is a rule change), and also reference can be made to original prospectus etc.
Placing price is hardly an anchor: again a misconception which took me ages to understand. Any placing is a dilution despite raising funds. Ex glencore placed new shares at 380p (one of the largest equity raisings in the sector EVER). It didn't stop the price from falling to 66p just two years later!! Can you imagine the pain of those investors?
All in all, we have just the fund manager and his team to base our decisions on, atm. I'm still happy to wait this out. 6-12 months time frame. I have topped up small amounts between 1.55-1.74. Once paper portfolio shows a profit, it becomes easier to sit and watch. I don't think it will take beyond 3-6 months for this to cross our averages. All imho and DYOR as always.
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