On 22/11 - MNM announce a 3B where an "investor" has bought 2.2 million shares at 6c with 2.2 million free attaching oppies for the purposes of working capital.
Thereafter we see a 2 million capper at 6c suppressing the SP down to the lowest of 4.8c and a lot of speculation re the capper, is it a T20 SH, etc.
Pre-Xmas sees the 2 million at 6c bought out and a ride up to 10.5c and then slow settling down to the low 7's without any real movement on the oppies.
Today (on I presume mainly DT's buying just above the 61.8% Fib retrace at 7.2c see an uplift to 9c where they sell in the high 8's for a nice 20-25%+ profit for the day) and settling back to the VWAP 8.5c.
Interesting enough, we see big chomps (off screen) out of MNMOA at the 3c level and some good volume 3+ million....so good buying in the oppies that didn't occur before Xmas.
Methinks the capper sold their heads at 6c to have a free ride on MNMOA and released them out today in large 3c chunks.
If so, they have made a tidy 50% profit of $60K on their $120K heads investment in the space of 7'ish weeks.
In an oversubscribed CR, was it Cygnet who were granted these 2.2 million shares? Did they buy heads below 6c?
Who knows, but to me I think the capper is done and dusted - have taken their money and gone - leaving the share price to slowly increase on what all us LTer's know is an undervalued MC with good projects in the pipeline and hopefully better news to come in the short term.
Cheers K
PS I am obviously no TA, just my assumption.
MNM Price at posting:
8.4¢ Sentiment: LT Buy Disclosure: Held
