3 of the Forrest capital guys (JK nominees, Denlin nominees and Tisia nominees) originally held 15m shares each I believe but only 1 appears in the last top20 list - Tisia nominees - with 15m shares. The directors of Sunbiomed/Dimerix, Howard Digby and Anton Uvarov, never held many shares in the company. Not sure what they hold now as we have only been given the very top shareholder in recent presos. J&L Peterson has been selling a few mill recently, but not heaps.
A few years ago Forrest would get involved in ASX shell companies and "backdoor list" a company who was looking to list but either wanted to save time, money, or that had trouble listing via the IPO method.
Most of these biotech deals by Forrest were highly successful almost immediately - ACW, OSL, CYP were a few. Forrest would make sure they held a large number of shares in the shell companies before doing the backdoor listing. When the share price rose with high volume they could use this opportunity to sell their holdings.
Dimerix was slightly different - for starters Dimerix never appeared on Forrests website as one of their transactions. Why? Not sure - maybe they thought it would not be successful immediately so not worth promoting as one of their special deals. Maybe they thought the company was a load of rubbish from the start. Maybe they thought the gains would be too far in the future given the phase 2 trial hadn't started. Who knows. Dimerix never really had the big share price gain of the other companies anyway.
Rather than own a significant number of shares in Dimerix, Forrest were given 60m 1c options at the time of the transaction. Back in September 2016, 20m of these options were exercised and another hotcopper poster, Ahmed, identified that these were likely sold on market immediately after exercise, here's the post # 19117280
Not to worry champs..
10 million shares were traded in 5 transactions yesterday! Coincidence.. straight after the Appendix 3B stated someone had converted 10 million 1c unlisted options. Sold at an average 1.55c yesterday. Yes- these were part of the transaction to put Dimerix in the Sun Biomedical shell. Not too hard to figure out where they went.
Another 5 million dumped in one transaction today at 1.5c. Not many have that many to do that.. oh wait, another Appendix 3B today stating another 10 million 1c unlisted options converted. No surprises here guys.. The seller at 1.5c is the same and the remains of the 10 million converted options.
Similarly, ~3 million 0.7c options were converted and sold in a similar manner last week.
Those related to the deal are presumably taking an easy profit without consideration to the actual/potential value of the company. That's the markets.. so let's enjoy the fact that we can buy at 1.5c again.. If it were not for these transactions, I do not think we would have ever had the chance!!!
So if the above is true, Forrest have shown they are converting options and selling immediately. They still have 40m 1c options which expire on 30 June this year. They must be keeping an eye on the share price. I know if I held that many options I would want the share price to be quite a bit above 1c before 30 June. Otherwise might as well buy on market!
DXB Price at posting:
0.7¢ Sentiment: Hold Disclosure: Held
(20min delay)