Why would anyone have to ask who is selling at these prices? It's obvious that Acuity got conned into a deal back in May, and agreed to buy up to 200 million shares at what turned out to be a premium of more than 20%. They just had 88 million shares put to them, and they need to get out before everyone realizes that $1.3 million will avoid collapse for only a week or two, at the current rate of AZL spending. Engineering studies aren't cheap, you know. And the sword of Damocles that Acuity now awaits is the remaining 112 million shares that are part of its bad bargain.
Did someone provide insider information to Acuity in May -- "look, we are about to get BLM approval" ? But if they knew anything about the federal courts, they should have realized that was just a ticket to a lawsuit. The actual announcement didn't move the share price more than a fraction of a cent.
Fortunately there are enough Canadian companies interested in Saskatchewan brine that one of them might pick up the AZL assets at a bargain price, without exposure to the continuing drain on capital from the Arizona litigation and Tempe warehouse rent.
AZL Price at posting:
1.1¢ Sentiment: Sell Disclosure: Not Held
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