Correct ,,,,,,It ( the 51 million BUY volume ) is a ' Sign ' ....of a ' Sign Post ' ahead. .......... that someone wants us to think more about
( 51,000,000 / $.001 ) = $5.1 BILLION Long term MC 10( for 1:10 consolidation) :- - or circa $ .80 per share now
And why else would you place orders this large at this price point , unless you didn't want someone to think about it just as everyone is doing now....
In so far as the argument of ' Filling ' everyone who has applied under the SPP to the absolute allowable amount after giving due consideration to dilution.
Has it occurred that they know they share register pretty well and also know who the loyal and committed are by those of who perhaps took the effort in voting at the EGM.
And it we give some further weight to this concept and assume that at the ' Highest ' amount of registered votes PLUS the highest amount of proxies receive is the ' Bell Weather ' as to the maximum amount of Shareholders who thought enough of the resolutions to actually submit their vote - we would find that at resolution 2.) for the approval of Tranche 2. , we can see that the TOTAL amount of votes + proxies = 1,263,832,031 .
Now even accounting for the removal of Piedmont's vote on that resolution and allowing for the approximate SOI pre- SPP of 5,000,000,000 that's a voter participation of only around 25.3% . On top of this , the numbers would suggest that even if ALL the participating votes were cast from the pre- SPP approximate Top 20 holders of 2.2 million ( includes Piedmonts June conversion of notes ) , there would have been a shortfall of at least 1 Billion eligible votes coming from these Top 20.
Of course as we distribute more of the votes ' From ' the Top 20 to ' Outside ' of the Top 20 , this amount of 1 Billion cast from Top 20 holders would obviously become larger.
I therefore would suggest that as I stated in my last post regarding SPP numbers, I reckon that the balancing Act as has been mentioned will be in keeping as many loyal shareholders who have applied ' Content ' .....as well as perhaps somewhat surprised by what they actually get.
And all of this based on a lesser participation rate of voters at the EGM ( based on the votes received and therefore interest gauged ) coming from the Top 20 holders.
And some of these may not actually have the mandate to increase their holdings given the status and / or ranking or on updated research on Sayona Mining which is often a ' lagging ' indicator from the BIG end of town Analysts. Keep in mind also that the Conseil De La Premiere Nation Abitibiwinni who at last updated Top 20 holders DID NOT participate in the 1 for 6 rights issue with their 27.5 million shares held.
Now that lack of participation by the First Nations may be due the fact that they are not holders residing in Australia or N.Z - and so that might also be the case for others as well. At least up to a Billion or more voting shares for sure - but also from the perspective that 75% of the total register that didn't cast their vote be it too small a holding balance or lack of funds , lower entry ( not wanting to average up ) .....or whatever.
And so the reality is that it doesn't take all that much to oversubscribe an amount of $5 million .....even if it comes from only a participating 500 or a 1,000 shareholders .
I'm also of the view that whilst we seem to be in a ' Sweet Spot ' in the capital markets at the moment , this might not always be the case. And particularly when as I said yesterday there could very well be some uncertainties as to Policies and Funding stemming from the interim Federal Election issues. So a ' Bird in Hand ' if the money is there for development when you know the project valuation is so much higher will tend to negate the shorter term view of dilution . Particularly when you may have your sights set on a mid to longer term share price consolidation while the Project Economics are on the rise and rise in the valuation stakes.
Because as shown above , a total SOI of 5.6 billion or 6 billion , or even 6.4 billion shares on issue is NOT going to be here nor there when the Company is worth $5 - $6 Billion dollars. That's still going to be somewhere's between 80 cents and $1.00 or more.......and $5 or $6 bucks after consolidating at 10 for 1 at some point.
(20min delay)