RMS's announcement says "Ramelius Resources Limited (ASX: RMS) (“Ramelius”, the “Company”) has purchased 98.5 million shares in Spartan Resources Limited (ASX:SPR) (“Spartan”) as a strategic investment, representing approximately 8.9% of Spartan’s ordinary shares on issue.... Following the purchase of Spartan shares, Ramelius has $446M in cash and gold, and its operations are forecast to continue generating significant free cash flow over the medium term."
All sounds very final (for now), if RMS was the buyer of the extra shares, I think they would have made it part of the announcement - they want less attention on SPR, not more making multiple, growing SS anns.
They didn't get the shares they wanted but were happy to take what they could get at 0.89c. Granted they have a lot of cash and will have a lot more soon meaning the value of the cash to them is lowered (normally giving away cash for a strategic position is not something they do lightly, gain optionality around the target but also lose optionality elsewhere).
(As I hoped for) we now have an unmasked likely acquirer on our register, other fundies holding who mostly said 'no thanks' to 0.89c. (Arguably those who sold might be acting strategically to get RMS on the dance floor - not confident about that though, more likely to be motivated by EOFY tactics as others speculate).
Who is this buyer? I doubt they are related to RMS personally, not RMS's style I think, but who knows. More likely to be driven by rumour that RMS was going to move and was from the buying in the weeks beforehand. But again, who knows.
GLAH - lots of value on the table here still IMO.
SPR Price at posting:
88.8¢ Sentiment: Buy Disclosure: Held
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