RE: Truspine fundraise30 Mar 2021 20:16
Regarding further investment in Truspine - I don't see the point from present director's point of view in simply following the investment strategy of the previous management.
Obviously previous management did have great success with GGP, but left themselves vulnerable to an opportunistic management takeover.
Rupert Labrum commenced buying shares in PRIM around October 2019, well before GGP boomed, but when it did boom he, and others, maybe saw a chance to leverage an investment of around £1Million to get their hands on (not literally, of course, but to acquire control of ) cash and assets of around £7M-£10M. Perhaps earlier musings on opportunities crystallised into an actual plan as GGP rocketed skywards.
Since then RL & Co have slashed salaries, although we're yet to see the actual figures, junked options (albeit at a cash cost to the company), and put in place further fairly reasonable options for themselves which come into play at 6p, 8p and 10p.
The only way they are going to obtain really good rewards is not through their salaries a la previous management, but in the case of Mr Labrum through an increase in the share price. And the only real way in which PRIM's share price will boom is to either find another GGP, or try something more sophisticated.
There isn't a great deal on Mr Labrum via the internet however this link provides a brief resume as he was an Executive Director for a 2017 film production -
https://www.letmegomovie.com/about
Which actually appears to have some quite good reviews.
However scroll down the page and you come to Mr Labrum - whose resume includes the line "Rupert has spent the last 2 years as a seed investor for many small UK start-up companies." So those investments would have been made in the years 2015-2017. Maybe some of those investments are showing signs of coming to fruition?
Also the recent trading history is intriguing.
6 x 100K buys last week, which fit the pattern of our "mystery buyer", and then the last two days a 250K buy , and 160K and 90K (ie another 250K buy ) and then a 265K buy - and the share price doesn't move.
In fact all those buys added together amount to 1% of the company and almost coincide volume wise with the two large late reported sells following the Friday 19-3-21 RNS which in total came to a little over 1.4M. They are of course not necessarily the same buyer, but all these large trades are at or close to the lowest buying price of the day in question.
Between the afternoon of 23-3 and today sells, as listed here, amounted to 1.56M, and buys 2.3M, yet the share price has actually declined.
I suspect that most of the shares shaken loose by the spike on 19-3-21 have now found a long term home, so something more will have to give shortly if the buying is to continue in these largish blocks.
Well under the radar still - but maybe not forever.
Watch this space.
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