Director chopping block holdings as best I can confirm at the moment:
03/01/23 - Sam Smith - Initial Directors Interest Notice - 23500 Shares 3000000 Options at $0.251 17/01/22 - Peter Cook (Ajava Holdings) - App 3Y - 1821032 Shares 2000000 Options at $0.251 05/01/22 - Linton Putland - App 3Y - 1250000 Options at $0.467 13/09/21 - Michael Kitney - App 3Y - 735003 Shares 1250000 Options at $0.281
They're far from making a killing on BRB in accepting this deal. PC position improves by $182K (28cps vs 38 cps), which he could easily milk in director fees if he's underwater on his holding. No idea if they have any RMS holdings, but that's the only logical reason for this deal at this price.
If BRB had 1.7Moz and $2M cash, then maybe the deal makes sense, but BRB has the gold plus $75M cash. At the very least they could buy up a massive amount of highly prospective ground and drill for years without any shareholder dilution.
With Uncle Tom being a thorn in the side of RMS, BRB needs another bidder to show their hand. RMS deal is script only, therefore if RMS raise their offer it results in more dilution for RMS holders, thereby putting downward pressure on the RMS SP. A raise in script ratio may be offset by a decline in RMS SP, a much riskier proposition for BRB holders than a cash offer. The current offer equates to 13.3% dilution to RMS holders.
Popcorns in the microwave.
GLTAH - Which ever way you want to play it.
BRB Price at posting:
37.5¢ Sentiment: Hold Disclosure: Held
