part selling from director or substantial holders always make me smile, since my view is why are they the only shareholders who cant sell and make some profit? When do you feel it is an appropriate time for them to sell?
It's all about context when it comes to this scenario and also the bashing you have to find a bit rich if it comes from people who are only trading it short term anyway for their own profit...
From reading last year announcement and the change in shareholding it looks like Craig Burton chipped in $930k last year when it restructured as part of the shortfall from shareholders on the entitlement offer at 1.8c annc around sept 13. (annc 10th Oct 13)
this equated to 52m with another 6m held previously, one shouldn't lose sight at that time this is a big risk investment since i doubt back in sept 13 they had any idea of what business they might be able to acquire.
fast forward to march14 and the SP is up between 6 to 10c , he decides to sell 3M or 5% of his total holding at 8.5c avg to recoup some of his capital. He still owes 25% of the company hardly what i would say washing his hands of it...
context until you see more notices bit far stretched to say he is going to dump 50mill more shares and with such a large holding bit rough to say he doesnt believe in the business.....
He sold 5% of his holding to recoup some capital after chipping in $930k to still control 25% of the business (pre consolidated to acquiring digicoin) . Let me know if anyone here in that same position would do any less than that, give the guy a break people, he has a right to make some money from his investments like all of us, and still has more at stake than all of us too...
Personally i viewed MEJ has a trade (market sentiment at the moment loves tech) and so i treated it as such from the mid 3s to the 9s when i bought and sold out.
When i fundamentally invest i take a different approach, one of long term investment growth. I dont know enough about this bitcoin to make a fundamental decision on it as yet.....so i know i cant criticise anyone for selling.
time will tell....
MEJ Price at posting:
6.3¢ Sentiment: None Disclosure: Not Held
