IFC13 Jun 2019 12:01
Thanks to northman1 for mentioning this interesting post in Condor Gold - so looks like the sell is completed for HUM to commence (already commenced) a long, overdue, sustained recovery :)
"Dear All,
The IFC has confirmed in writing that it has completed its divestment of Condor Gold plc, see attached released today. This is due to a change of investment strategy, the IFC has exited over 20 exploration companies including: Hummingbird, Lydian, Rio Tinto/Simandou, Aureus, Unigold. The former IFC Head of Global Mining and the number two left a couple of years ago. The new head of Global Mining only wants to invest debt in very large projects.
The IFC has been delighted with the operational performance of Condor Gold, being granted the permits to construct and operate a mine, gaining the social licence to operate, expanding the mineral resource, expanding the permits for the feeder pits, expanding the concession package etc. Condor has been providing the IFC with a quarterly Environmental and Social Report, when only an annual report is required. The latest Q1 2019 report has been edited for our website: http://www.condorgold.com/csr/environment#tab=2
The IFC started selling its 5.5M shareholding in January 2019, see announcements, it has gradually sold its entire shareholding in the market, which has suppressed the share price. Furthermore, City Financial went into administration in March 2019 and was a forced seller of a 5% shareholding in Condor in the market. The overhang of shares is now removed; is is encouraging that the market has absorbed selling of over 10% of the Company’s shares. Both share sells are for reasons specific to the sellers and unrelated to the assets of the Company, which are in excellent shape and never been better. I suspect the IFC selling marks the low in the share price.
Regards
Mark"
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