The biggest problem investors have here is management. Their capital allocation decisions have been terrible to date and give me no confidence to hold the shares long term here. I suspected a capital raise was incoming so I divested the day of the secondary trading notice / bought and sold the same day (it was deceptive of management to not include it as a formal separate price sensitive announcement) but it was clear the share price was going to go on a run due to it being such a low market cap the day of the announcement so made a few k off the back of it. Management did this because JP is infatuated with getting this deposit to production (no care regarding dilution), he wants to be able to tell people he took a company from deposit to production. This is the only share that I trade and I will possibly look at doing so again post this capital raise. Any future offer where it is a company sale is dangerous with this management, they can’t be trusted with that type of cash. I would never invest in a company with JP at the helm, I am only doing so here because I see an opportunity and disconnect between market value and private equity value, a monetisation event is near and hence why I am interested. Will be watching on the sidelines for now. Cheers, CP.
GLN Price at posting:
12.0¢ Sentiment: Buy Disclosure: Held
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