Positive19 Mar 2013 10:02
I think the seller all the way up has been Matterhorn slowly exiting their position. On 4 Oct 2012 they had 11.1 million shares and on 31 Jan 2013 they had 10.3 million. They originally had over 12.4 million shares but I think they are just taking profit as they bought in much lower down. Interestingly the offer is still getting paid so think they still have a few million to go hence we will need patience for any significant price rise. They seem to place a couple of million on the offer every penny and just wait to be paid. On a positive note I see Blackrock have been a buyer on the way up and now own 14 million shares which has helped the price. The company seem to be holding off on auctions until after the advertising campain and roadshow through India have taken effect. Mila Kunis has also been wearing Gemfields products at every premier of Oz The great and Powerful globally ie Ruby earings, emerald rings and necklaces with pictures in all the press which can only help demand for the higher quality end of the market. The trendy showbiz types have all been wearing emeralds recently too with Angelina Jolie, Victoria Beckham, Beyonce, Kim Kardashian etc all recently being pictured. Handily the fashion magazines all have Emerald Green as the colour for the year. Overall it is a clever policy from the company delaying the auctions whilst boosting the image of their product to stimulate demand and once this seller is slowly cleared I think we can see above 40 again and hopefully higher.