Got to admit - it's fairly tiresome opening up this chat to see the same small group of posters making no positive contribution and complaining about the same things time and again - a request - address the issues with mgmt, sell the stock and move on or air your grievances elsewhere pls.
As to a positive contribution...
On NC1 sale - recall that MLX had a lot of its stock in escrow up until very recently which didn't allow them to sell. Think it's a good sale, project is going to be a stretch given the capital requirement but we maintain the options should the environment change dramatically. NEXT.
On mgmt not owning stock - who exactly is management here? Renison is run by a JV (Bluestone mines). At MLX there is a skeleton workforce and the Exec Chairman owns a stack via APAC resources (19.8% shareholder). NEXT.
On Old Peak - The below chart shows their position over time. They built it during the 'covid crash' period in March-May 2020 at ~8cps and around the sale of Nifty in Feb 21 at ~20cps... held flat for a year then started to peel some off early 22 and that has accelerated recently. They are a closed end, opportunistic hedge fund with time constraints and clearly have a requirement to liquidate. We can whine about no block trade but a fairly quick 40m shares (~5%) have been traded out in recent months and absorbed in the market and I can confirm mgmt is speaking to brokers. A pain but it is what it is. NEXT.
Ultimately - the Old Peak stock is being absorbed albeit slowly and it's keeping pressure on the share price. This is an opportunity in my view. Operations should start to turn now that the heavy investment period is coming to an end and the mine gets into higher grades.. this should lead to higher cash flows and once mgmt are satisfied with the strategic cash position there will be a choice around distributing, doing Rentails or alt M&A. This IMO should lead to a rerate and the Old Peak stock getting more quickly mopped up... and once they have quit selling is when we really move. HAGW.
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