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Also the admission of 460m new shares on 10 June subject to shareholder agreement at the GM. That’s a significant increase of about one third of all shares in issue. Placed at 0.7p, it will be interesting to see how the SP reacts to their admission. It may be that the purchasers are sticky or that many have been forward sold already for a profit.
For the record I have always thought that BP has significant potential if the ores are opened up sufficiently. The new drilling rigs may help that situation if they are maintained etc.
What has been poor is the absolute shambolic mismanagement of virtually everything by Prelea and the board. They have either lied persistently to shareholders or been so naive in their forecasting, probably both. They need to demonstrate that they now have a realistic mine plan for BP that will prove up the probable resources and make them accessible. That should be the starting point for the GM presentation and focus of the Q&As tomorrow.
I have about 1.5m shares that I have accumulated between 2p and 8p and in some good profit.
I was thinking about whether it would be best to hold on here for the almost inevitable rerate at some unknown point to perhaps 20p or more or whether to sell the lot and go day trading scalping Glencore for small amounts like 0.25% increase per day on average. I know my scalping system works on Glencore but on balance I feel that there is a good SP floor and who knows when the fair value move will start.
I'm sticking here.