RE: Nomad15 Apr 2026 07:56
A template of what you might want to send
I am writing to you in your capacity as the Nominated Adviser (Nomad) for Kodal Minerals PLC to formally raise concerns regarding highly irregular trading patterns that appear to be suppressing the company’s share price.
As a shareholder, I have observed a consistent pattern where significant sell volumes enter the market immediately following positive regulatory or operational RNS announcements. Most recently, following the update on [Insert Date of Recent Good News, e.g., April 13, 2026], the anticipated price appreciation was stalled by large, seemingly coordinated sell orders.
Specific Points of Concern:
Targeted Selling on Good News: There is a recurring trend of "capping" the share price precisely when positive milestones (such as lithium shipments or mining license progress) are announced. This suggests a strategy to prevent the stock from reflecting its true fair value.
Chinese Partnership Dynamics: Given the current arbitration proceedings between Kodal and Hainan Mining Co., Ltd. (the 51% partner in the Bougouni project), there is significant concern among the retail community that this partner—or entities associated with them—may be suppressing the price to facilitate a future "low-ball" buyout or to increase their holding at an artificial discount.
Strategic Consolidation: I am concerned that these trading activities are intended to demoralise minority shareholders and force a consolidation of voting power ahead of critical future votes regarding the project's ownership or a potential full takeover.
Under the UK Market Abuse Regulation (MAR), activities that give false or misleading signals as to the supply of, or demand for, a financial instrument constitute market manipulation.
As Nomad, you have a regulatory duty to ensure an orderly market. I request that Allenby Capital investigates these high-volume sell orders on news days to ensure they do not originate from "connected parties" or represent a coordinated effort to manipulate the AIM market.
I look forward to your confirmation that these patterns are being monitored and that the interests of minority shareholders are being protected.
Yours sincerely,
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