Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
...you may well ask.
Well, not that I got bored doing my tax return, but I thought I'd tot it up.
As of yesterday, Seed had bought back 9,361,000 shares at an average of 2.950p / share, i.e. £276,162. This is 44% of the target amount of shares, for 32% of the target budget.
Remaining budget is for 11,889,000 shares at an average of 4.827p (total £573,838)
So, in some ways that's really good... and in other ways it is not. Thanks all!!
Anyone got any more info on that big, weird transaction?? It does look like someone’s sold their shares to themselves for a fee of £300, 13 seconds later. It’s nearly 2.5% of Seed. I’d quite like to know what that’s about…
Always good to see DaP!
Has anyone kept track of the share buyback? The volume limit is frustrating, but we must have a decent average so far. As the deadline approaches (end of Feb?) shouldn’t the SP get pushed to 6p, the cap of the buyback? Because it looks like the budget will be underspent, the actual avg price will be under the target limit, and the share quota will still be short…? (Does that make sense?) If it weren’t for the volume limit, I’d have thought this would mean Ask would be bang on 6p by Feb 28th
Northern Leaf has just agreed heads of terms with a European medical cannabis group, to allow vertical integration. SHs in NL will be offered shares in the resulting group. More news to follow next week.
J2O - it’s annoyingly difficult to get a quick answer to that. Feb 2021, per below?? Although, does it look like the RNS has been done wrong? Before that, looks like end of 2015 / early 2016, during the last buyback, through his IoM holding co. It looks like some options were converted as well, though…
https://www.lse.co.uk/rns/FFWD/holdings-in-company-r015v8qttsistjc.html
Holdings:
17,194,590 8.08% Peter Saladino
14,783,722 6.95% Jim Mellon
7,943,687 3.73% Lloyd Leckerman
7,205,005 3.39% Norbert Teufelberger
6,355,460 2.99% Richard Hackett
..........
53,482,464 25.14% Sub total
4,680,000 2.20% Ed McDermott *
1,674,024 0.79% Ian Burns
3,950,000 1.86% Share buyback
17,300,000 8.13% Remaining buyback **
..........
81,086,488 38.11% Total known holdings
* at 2.549p average (although they may have been a bonus, not cash)
** if fully subscribed
Daily deals (oldest to newest):
600,000 @ 4.083 = £24,498
500,000 @ 3.814 = £19,070
650,000 @ 3.608 = £23,452
200,000 @ 3.650 = £ 7,300
300,000 @ 3.675 = £11,025
500,000 @ 3.525 = £17,625
100,000 @ 3.650 = £ 3,650
250,000 @ 3.590 = £ 8,975
200,000 @ 3.380 = £ 6,760
200,000 @ 3.100 = £ 6,200
100,000 @ 2.950 = £ 2,950
250,000 @ 2.863 = £ 7,158
100,000 @ 2.750 = £ 2,750
Total:
3,950,000 @ 3.580 = £141,413 (c. 18.5% of total buyback by shares / c. 16.6% by budget)
Remaining budget:
17,300,00 @ 4.096 = £708,587
It won’t drop much more. When you think that the buyback is restricted by volume (can it only trade 20% of daily volume?) all it takes it for some traders to cotton on to it. If someone buys today at 3.3p, they can sell at 25% profit in a couple of days - providing they’ve got some followers who tag along to boost the volume.
Share buy back reported so far, by day:
600,000 @ 4.083 = £24,498
500,000 @ 3.814 = £19,070
650,000 @ 3.608 = £23,452
200,000 @ 3.650 = £7,300
300,000 @ 3.675 = £11,025
500,000 @ 3.525 = £17,625
Total:
2,750,000 @ 3.744 = £102,970
Remaining budget:
18,500,00 @ 4.038 = £747,030
Why would anyone sell for less …?
Hello DaPro! I was just having a look too. Half of me is really pleased for the fund, that we're still buying back at less than 50% of the NAV/share. The other half of me is jealous of whoever has been tasked with running the buy back on a daily basis.
You're a junior analyst and you get a bonus if you can hit your targets. You've got until February to try and get an avg. lower than 4p. "Analyst's log, day four. Got out of bed. Bought another 650k shares - with 10% headroom before I needed to worry about the price. Sent a tweet to Ed to say his hair looked cool. Can't decide what to do next - hookers or blow"
Thank you, Sammy Valley. You’re right, you’re right. I think it is just the hangover (and not understanding the people selling at < 4p) making me lose faith today. It is a big opportunity, still. We have cash, nobody else does. Everything is at half price in the market - we’re positioned better than most for growth.
…but I do want to buy a houseboat and live among the riverfolk, and the options are looking narrower and narrower.
I hardly ever talk Seed down. I’ve traded badly but have always let everyone know I’ve got about 550k shares at c. 8p and some direct CLNs in Northern Leaf (from the raise as when FFWD bought in)
WHAT IS HAPPENING?! Seed have said they’ll buy back £850k of shares, basically at a price between 4p and 6p… by Feb 2024. People are selling at 3.5.
Northern Leaf is valued at £55m after £30m of capital has been put in. They’re doing an IPO to raise £6.5m in exchange for 25% shares, and a big chunk of that is broker fees. WHY?
NL is worth £55m+. They do not seem to understand finance, but know how to grow green. Why Seed doesn’t just pick up 25% for £6m blows my mind. What better investment?? None. If we leave the cash as cash, inflation and BoD fees whittle it away. Also, if we do nothing, Seed’s stake in NL will be valued at 50% of what it should be.
I don’t normally lose my cool with Seed but… pfft. This last week. It really does feel like a large holder has said: “Ed, mate, I’ve been underwater for years. I was in at 15p. I can’t sell at 1.7p. Can’t you liquidate a few investments and find a way to buy my holding back at - say - 4p a share…?”
Obvs you’d expect an RNS if it were Mellon, or even Leckerfecker, but something doesn’t feel right about SP tanking below an - essentially guaranteed - buyback price.
I am hung over, like. Oh - and NL shareholders are being locked in for a year on IPO, too, so that’s ace.
Just a tip of the cap to our sheep allies, helping to restrict supply and boost the valuation of the portfolio's assets...
https://news.sky.com/story/herd-of-sheep-eats-100kg-of-cannabis-in-greece-after-storm-daniel-floods-12969680
Haha - thanks Dagsy. I was just about to respond in some way to the silly statement from Mat d'or, but I couldn't face it.
Like... a reminder that the buyback has benefits in relation to NAV, not just short term SP, and that it strips out a bunch of shares from the market so price rises will be quicker in future... and so it would be pretty ironic if the SP had shot up to 6p on announcement of the buyback, as Seed then wouldn't have been able to buy any.
So far, it looks like they've bought back some decent chunks < 4p, which is really good news. If the average for the buyback is capped at 4p and the max is 6p, then starting out under 4p means there's headroom to keep buying as the price rises.
Haha - I'm confused now. Was half of that message to me and half to Mat d'or??
I was just saying hello because I was happy to see you. You often seem to appear as good things are happening... and who's to say whether that's cause or effect!
(I was also welcoming Marcus, who I think IS new, because it made me chuckle to hear someone discussing Seed without the years of angst...)
I think we came in at about the same time. I caught the last couple of months of FFWD. I remember it too well. I was listening to a mining podcast where Andrew Monk mentioned how ridiculously underpriced FFWD was, and that Leap alone was worth more than the mcap. Over the next few weeks I sold up all my holdings in mining / excavation and ploughed the whole lot into FFWD then SEED... before realising Monk and Mellon were old College mates and Lorne was crooked and the market was about to collapse. But, move on?!? No thank you, amigo! (I thought I'd been about the most positive person on the BB after Dagsy, lately.) It IS good to see you, though! Just saying.