Not sure if anybody has picked up on the slight discrepancy in Tolga's last submitted substantial notice of change in holdings - but it appears to have a variance of 1,163,445 shares. ( less than the combined )
And we know he purchased on the 14th May in the market 13,086,727 shares , and we also know he acquired 11,296,937 in the raise and which does match out to the issue price of 1.1 cents.
So then why is his total holding not showing 24,383,664 and instead only reflecting the 23,051,538 ( 7.36% )......
Following on from this if he purchased his original 13,086,727 on the 14th May we could then assume he paid an average price of say 1.3 cents as the Stock opened at 1.2 and traded at a low of 1.2 , high of 1.7 , and a close of 1.6 cents.
This would mean that he had since sold the 1,163,445 sometime since the re-opening on the 19th of May , and most likely on that day of teh highest volumes. We know it traded as high as 3.8 cents , but lets again assume he sold them at the closing price of 3.5 cents. This would then have netted him some $25 thousand plus profit on the sale of that parcel. Not enough to obviously pay for his $124,266.31 acquisition of his placement shares , but certainly enough to avoid the requirement of an ' interim ' substantial notice between the dates of 19th May and 27th May which would have seen his holdings slip below the 5% level momentarily at least and coming in at 4.8%
So I would suggest this was an intentional move or gesture so as not to ' spook ' the markets and to re-enforce his genuine commitment and interests in RGL ......knowing of course that he would be the recipient of another 11,296,937 share from the raise.
And again , assuming he would like to recover his FULL cost of his purchase of these additional shares from the sale of his ' original ' shares ( ie another approx $100 k ) , he would in effect have to ' pass the parcel ' on a further
So effectively he has really been a ' Net ' Buyer or accumulator who has at the same time disposed of .004% or 1,332,126 approximate 7 - 8 million shares at a price of 2.6 cents ( 100% profit )
Of course we all know that this would not be his preferred option with such a tight register and demand and supply of currently available stock. Far better for his to be looking at prices way beyond the 3 cent level where the 1 for 2 ' free ' attaching options kick in.
Interesting as well that apart from Tolga's new found interest and holdings in RGL , what about the Dilution effect on some of the other previous substantial holders. Like our ' High ' flying W.A Silk in Martin Lawrence Bennett with the combined previous Top 20 holdings of EAGLEHAWK INVESTMENTS PTY LTD 24,575,000 previously 16..25% who now become 5.195% , and CITYMIST HOLDINGS PTY LTD previously with 7,500,000 or 4.96 % who would now be on only 2.40 %.
Even EVOLUTION MINING LIMITED with their previously held 15,700,000 shares or 10.38 % who would now be sitting on only 5.019% if they were not offered and did not participate in the latest raise. And what about our own illustrious John Hilton from Greenwich Equities Pty Ltd with their previous 14,075,000 shares or 14.79% which would now slide down to only 4.5% . Even our own previous MD Roderick Webster would be reduced to only 2.28% form those disclosed in the 2019 Annual Report of 7,133,332 or 4.72%.
In fact if the theory holds that NONE of the previous Top 20 were to have participated in this latest raise , we potentially could move from a situation whereby the previous Top 20 being held by 68.44 % drops to as low as 30.08%.
Not exactly what I would expect or want to see , so therefore would be looking for a swag of updated potential substantial notices and / or changes to holdings on top of what we have already received from in regards to Tolga Kumova . Or is it more about Tolga seeing a ' Massive ' opportunity in the opening up of the RGL register , and at what would otherwise be a tremendous price discount ...... Much more to play out here in my opinion.
(20min delay)