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How do you know? It’s tricky to figure sometimes, especially with delayed prints. I got a dummy sell quote this morning at 33.2p, but the offer has since dropped and now it’s NT to sell. If I had to speculate on the price action today, I’d say it’s looking like the bid is going to drop to 32-32.5. Still, the story is holding up well, but it’s the debt sign off that will get things moving again, if the terms are favourable.
By “agenda” I presume you’re referring to large quantities of shares changing hands? It does look like the price has stalled so I’m in agreement that “something” is going on. I’m not suggesting anything untoward however. In any case, I’m happy to follow in RG and Lombard in this instance. The former does seem to know how to buy at the bottom. His returns in SLN, STX and ETX to name a few, are testament to this. Following the money could pay off in this one. Also interesting how RG and Lombard are often seen buying into the same stocks at similar times, particularly Biotechs which have been depressed by Woodford having to offload positions. CIR is another that comes to mind.
Is it remotely significant that we’ve had three uncrossing trades today all at above the offer at 0.357p?
Surprised that we aren’t moving a little quicker here, but I suppose the PoG has less of a benefit to an explorer that’s some way off production.
Couple of larger trades gone through which show as sells but are likely a prearranged sell at 7.5p and buy at 7.53p. Bed & ISA/SIPP perhaps or just a sneaky way of transferring ownership. Seen it before where investors will sell from a regular trading account into their own ISA/SIPP and pester their broker to do the trade at the low end of the spread to make it seem like a sale and not spike the price. Can be a bit manipulative but it happens anyway.
Quoting titled “Cora Gold shares in disarray as it seeks out Sanankoro equivalent”...
To whomever penned that, there were all of 8 trades yesterday. So much for “disarray”! Rubbish. Cora is on track to deliver what the management promised.
Your assessment makes a lot of sense if you’re taking a snapshot of the business in its current state - it’s difficult to really see what’s coming if you’re a retail investor.
My opinion is still mixed, but edging closer to optimism. Several funds have now invested, despite knowing (or at least they should have been able to predict) about the poor H1 2020 performance. We still have the support of RG, and the directors have stakes at around this price level. At this point in time, I’d say it’s a case of follow the money.
Going into H2 2020 and beyond, this really isn’t the same company anymore, but on that token, visibility into what’s next is somewhat unclear.
Not a word has been said about the dispute with BeyondAir, and the timing of that contract termination could well be suspect, so I only hope that the legal team are enthusiastically pursuing justice, if they truly believe there was no cause for termination.
My approach with CIR now is to think of the company of a somewhat clean slate, unburdened by debt and being influenced by some enthusiastic, tried and tested board members and professional investors.
Know what you’re buying - this is a turnaround story stock and we’re not really buying based on past performance.
Because it’s relevant? Just because this is the PUR board doesn’t mean any mention of another stock is completely off limits. They are both exploring Red Lake after all.
GBR is Great Bear Resources for those who don’t know, and they intercepted some wild grades, as per today’s news. Hopefully it’s a sign of what may be to come for PUR.
Is it a negative for CORA? Explains the lack of participation in the fund raise recently. Many (including myself) were assuming a CORA-HUM tie in would be the catalyst to get the ball rolling, but it does seem less likely now.
My guess today is that an II wanted a piece of the action at no more than 21.5p, so MMs bidding 21.4p most of the day to fill the buy at 21.5p. That’s about £150k made by them on the spread for ~30m shares. Easy money being an MM, when all you have to do is fill orders regardless of whether they’re buys/sells.
Interesting times for SOLG though. Let’s hope the proceeds get put to good use.
Simply because there are professional investors and institutions with huge positions, doesn’t mean there’s nothing to worry about. They can be wrong, and they also can’t just dump a position that large. With that said, I wouldn’t for a second state that my knowledge of CIR’s future is clearer than theirs, so who knows?
My worry is that RG and others invested prior to learning about the issue with LungFit, and prior to CIR handing back product rights to AZN. What revenue streams exist now? What are they planning? RTO as cash shell somewhere down the line?
Also a big 8m ordinary share sale today. At least, it posted as a sale. Price popped up afterwards. Holdings RNS due soon I think.
So we should probably expect unsatisfactory financial results in terms of revenue. They might be debt free, but they’ve also given up revenue streams by returning the rights to AZN. Despite support from significant shareholders, I’m starting to doubt how exactly they’re going to grow revenue significantly, especially as they lost the rights to LungFit, and there’s no indication they’re doing anything about it, unless they can’t say anything for legal reasons. Beyond Air seem to be enthusiastic about LungFit so I also have doubts about their motives for terminating the agreement. This is the topic I’d really love an update on, because at present, doubt is outweighing my confidence in CIR.
A joke I don’t quite follow. PoG taking a 2% hit so far today. Seems like a significant move down and gold stocks are feeling the burn. Good time to buy or further downside to come? Gold rally running out of steam for the time being. Some recession...
I’d never heard of them until yesterday. It’s obviously tax-advantageous for Sprott, and quite frankly, who wouldn’t want to pay less in taxes?
After reading about his investing approach, it’s clear that he doesn’t mess around with gold companies that he isn’t extremely excited about. Ten baggers are his thing and he’s stated this in interviews. With that said, who wouldn’t want a ten bagger... He owns over 10% of PUR now, and is in fact their second largest shareholder behind Anglo Ashanti Limited. Of course he is a billionaire, so he can likely afford the losses if he’s wrong, however, if he’s bullish, we’d be fools to ignore him.
Surely a stop loss blaster or a bit of churn. Expecting to see a few hefty delayed trades. Surely nobody interested in the long game would be selling, especially with Sprott’s bullish commentary and track record.
Thanks for the info. Makes sense to be willing to pay a premium if there are longer term tax advantages. Still, very positive for the company, regardless. Gold and gold producers should be a great play for 2020/2021. Forget the Covid pharma bandwagon with all the shady deals going down... buy the shiny stuff.
Are we talking USD or CAD? If Canadian dollars then $1.52 is £0.89, which makes far more sense. Why would he have paid £1.24?
Definitely referring to my post. Nobody is “deramping”, just sharing opinions/observations. Is this how people react when faced with a comment that goes against their belief even slightly?
I’d just assume that if he’s selling, in any quantity, he may be less optimistic about the future of the company. He’s got more liquid holdings to choose from if he wanted to release some funds.
Had an inkling he’d be the one. Oh well, if he wants buyers for the rest, they’ll have to do something to get the price up or he’s stuck just like every other investor. Nobody is going to be interested now that they know a significant holder is reducing.
Anyone shed light on why the wide spread, besides the reason that it’s a tiddler with low liquidity? Bid is dropping and offer is rising, and average trade price is rising. If the intended effect is to dissuade us from trading, it’s working for me...
Thanks goodflyingduck. Appreciate the thorough response. I have no idea what gear my brain was in when I had the thought that closing a short would be a negative! Hah, what a day it’s been... Need some caffeine. Trying to keep pace with the markets at the moment is an absolute mission.