Very interesting points Charles. If the share price has been held down to stop sprott converting options that would be believable, check the figures below.
Share price is held down below 40c
(Gas could have the sell side stacked,purely speculating. Check the figures below, it shows how much of a difference slight dilution makes to them)
-Sprott can't convert options (10 million) and then dump on market, no dilution in play
-Management convert options yesterday themselves
-We are told of early discussions of a potential takeover/buy in
-Management hold 8 million shares between them
-Gas has 17 million odd shares
-Management asking for performance shares to be awarded despite missed targets
-Management are awarded performance shares on completion of a successful scoping study
-Management are awarded shares on completion of a successful PFS or higher
Management converting options (WW used his yearly consulting fee from BGS yesterday to convert those options) and asking for performance shares to be converted makes it
even more believable that this is potentially on the cards. Early stages of discussions for potential takeover/ buy, at later stages with the SS done and feasibility studies done look who will win out even more...........(Taken from the annual report)
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So it would be in Managements best personal interest to stretch the discussions out a bit longer. Say we are bought out at $1 today, WW, KJ and HB stand to potentially lose out on over
$5 million between them! Obviously no one will purchase Bougouni without these things being done but you see what I am saying.
Lets also be honest as well, do we think WW is wanting anything to do with a Lithium processing plant in Mali??? How is he going to sit on all those other boards when he has to oversee something he has no idea about??? Does he potentially want $5-6 million locked up in Mali when he could be bought out???? The more you think about it the more it seems a JV partner will come in and run the show or bougouni will be bought out in the near future.
Also people saying the project could be bought for $55 million right now, that is not correct. Investors will see how much they can make from it, discount that by a certain amount and make an offer. It might not be huge but it would certainly be more than 30c
Current shareholders and no dilution
It would seem in the interest of all current shareholders that sprott not be able to convert if we are to be bought out. If Sprott has 10 million options to convert then that is about 5-6% dilution on what we have. Personally I would rather the share price stay just under 40c for now and get 5-6% more in the case of a buy out.
Example of figures for GAS holdings with and without dilution
Birimian currently has 180 million shares on market or there about, say we are bought out for $180 million, thats
$1 per share.
If Sprott convert we have 190 million shares, same buy out price of $180 million means we get
94.7c per share.
Might not seem like much to the every day holder, but for say GAS who hold 17 million shares, the difference is getting $17,000,000 compared to $16,105,263.
It's a difference of $894,736.84 for Gas.
Now holding down the price doesn't seem like that dumb of a move does it.................
