MNE 5.26% 3.6¢ metallum limited

Ann: Ceasing to be a substantial holder, page-8

  1. 8,928 Posts.
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    Bergen have sold so far 8,496,686 shares at an average price of 0.01460. As they received the shares for 0.009 the this is a clear profit of $47,593 on those. They still have 21,498,890 left. Will undoubtedly make a similar profit on those. This is how they roll in all their dealings. It is their company strategy. They may choose to hang onto some shares when they have received all their funding back and even made a profit on some or they may choose to dispose of the lot. This is not a black mark against MNE , it's how Bergen operate. Pure and simple. Now that Bergen are no longer Sub holders they don't have to disclose any selling so we won't know of their position going forward. Let's hope now that the sp has moved to sufficient levels to utilise other funding options and there is cash coming in from operations the agreement with Bergen can be ripped up and no more convertible notes issued to them. The 8,496,686 was soaked up pretty well by the market without too much harm being done but Bergen drained a good price for their shares all the same.
 
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