As per the notice below, Gina now has 37,488,897 shares. If you...

As per the notice below, Gina now has 37,488,897 shares. If you subtract the purchases from 15 Nov to 20 Nov, Hancock Prospecting (Gina) was holding 24,726,334 shares at the end of October. This was just under 5% and is the shareholding that would have been eligible for the 2:7 offer. Delta have stated that Hancock Prospecting took up their entitlement up in full. Doing that would have resulted in buying 7,064,667 shares at 46c.

Gina was buying on-market on the 15th to 17th at averages of 49.06c; 52.14c; and 49.93c.

The 20th volume below is neither enough shares to be the take up of the offer (its 6.2m not 7.1m shares). Its also at the wrong price because $2.968m buying 6,186,443 shares is an average of 47.98c. If this was 20th purchase reflected the purchase of rights, it would have been at a 46c average. As per the image below, the daily average price of on-market trades on the 20th Nov was 47.87c which is extremely close to the average price Hancock (Gina) paid. Additionally this notice for 37,488,897 shares notes its 7.2% which is consistent with 534m shares on issue.

Conclusion - This shareholder notice excludes any of the shares acquired in the rights offer. There will be another substantial shareholder notice soon that includes the 7.1m shares gained via the 2:7 entitlement. It may include more on-market buying. With this buying intention, its a safe bet that Hancock (Gina) also acquired shares as part of the institutional top up facility. The next shareholder notice is probably going to be nearer 50m+ shares.

Delta noted: