Ann: Becoming a substantial holder - J.P.Morgan , page-10

re: Ann: Becoming a substantial holder - J.P.... Hi BIL and others,

JPMC are not 'long term holders' IMO as such. Yes it's good to see them in, but just remember they exited the substantial holder status back in July last year. To me these guy's are in it as traders and that is it, soak it up in the bad times and sell out in the good times. To me if they could just invest the cash and let BTR do the work, they will ultimately get their reward.
Todays allowance by stock markets to allow these guys to buy/sell at will down to a share is a joke. I think the days where we could just park our money in a quality stock (EG BTR) and let it run it's course over time, then being rewarded by patience in that quality investment, are all but gone.

I decided to ring Scott today as I do when I need to ask myself the question what is going on and why again am I invested in BTR. Again I have come away with the same initial reason/position/stake/comfort, why I invested in BTR in the first place, world class assets and quality management.

Just a couple of brief points of our conversation:

All (nearly) ASX miners have been beaten down 20~35% since approx January 2013 (eg BHP, RIO, FMG, CDU, SFR ect ect)

We announce 160% increase in Mumbwa numbers and SP drop, was this expected - No.

S&P introduction into ASX300 we both agreed this would of stirred some interest, did it - No.

Kitumba numbers did surprise the geos given the phase six favourable drilling results, but the geology is very complex to understand. Did the market reaction surprise - Yes.

Given we trade in a volume range/average of say 200K per day and now the recent days of high volumes, would this be one of our new or a major holder exiting? In both our opinions - No.

Scott has had a number of calls and made a number of calls since the announcement, questioning their position and answering their questions like mine and to the best of his knowledge the following:
Glencore selling - NO.
Acorn selling - NO.
Platypus selling - NO.
UK Investor selling - NO.
North Sound selling - NO (and confirmed these guys averaged in at around $3.50)

Both agreed that it is hard to track who has what in nominee accounts, but the increased volume certainly equates to a dumping of stock for what ever reason, both agreed that the T+3 may show something, but no guarantee.

What was interesting was that Scott has received calls from insto's recently who have yet to invest in BTR, but where checking in on the recent SP fall.

I guess with Glencore stumping up $10 million @ ~62cps back in 2011, that 60c range that we have now reached may just be that trigger for some more serious insto investment?

So back to JPMC, they averaged out at around $1.40 (1.33% sell down) and have averaged back in for around $0.90(1.4%). Not bad for an algorithm that has run for a total of approximately 6 months and netted millions profit and back into original position.

Hey Clarke, my wife hit me up and said do you intend on selling? I said NO, she quickly reminded me when she asked me the same question at $1.80, are you going to sell? Same answer NO. She then replied 'So what are you worried about?' I said 'Nothing' and I guess that's just about it. Do I need to sell? NO.

Again it's all coming down to the supply/demand side of base metals and at this point, we are just carrying too much global inventory. Back to 1~2 years IMO, but totally committed to BTR bringing home the reward one day.

Good luck at LT Holders......