From my growing DML investment folder. M&G Investments...

From my growing DML investment folder.

M&G Investments

29/11/2012 8:26AM announcement showed they had 33900000 shares outstanding.
26/02/2013 8:28AM announcement showed they sold 12900000 shares. Leaving 21000000 shares still held.

Vanguard

26/02/2013 9:15 AM announcement showed they had 20989700 shares still left.

Combined shares left ~42 million on the 22nd February.

Someone said that both funds were both the same. This is true from what I can gather. "Vanguard Specialized Fund - Precious Metals and Mining Fund is an open ended equity mutual fund launched and managed by The Vanguard Group. It is co-managed by M&G Investment Management Limited."

(http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=28120078)

What is interesting is the portfolio managers. The head portfolio seems to be a mathematics/finance guy as are the others in the portfolio team. I would ASSUME that the fund is driven by portfolio theory, betas and risk premiums thus the trigger to sell when share price drops. This is good as they do not know the concept of value leaving a disconnect between price and value.

(http://investing.businessweek.com/research/stocks/private/person.asp?personId=46846630
http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=52747568)

The two trading days proceeding both ceasing to be substantial shareholder announcements have seen as of time of this post ~39.3 million shares traded (Excluding the day of announcement). I would have to say today or tomorrow they should have cleared their complete holdings if they have been selling continuously.

Yes I acknowledge that DML does have a lot of debt and a lot of operational risk but I feel that the upside is much greater then the downside. I have topped up today but just remember down and up and down she goes but were she stops nobody knows.