BMCG are in the business of lending then being provided with discounted shares
Yes R08 they are, they are not in the business of trading, that has its own set of risks as well.
Your reference to BNP is that they were likely to of been part of the earlier agreement with BMCG where BMCG could sell their shares lower (to BNP accounts) where BMCG would then get more discounted shares and so on.
This is a different arrangement there is no incentive for BMCG to sell lower. They aren’t getting anymore cheap shares. If they didn’t want to take a risk now why did they convert $700k last month? Why didn’t they wait another few months until the plant had been commissioned? Because they want to maximise their gains on a re-rate and momentum in the SP was moving up. Also the general graphite market was looking more bullish.
BMCG are in the business of lending then being provided with...
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