I think the placement is much stickier than people realise for the following reasons:We know that Tribeca is maintaining its 15.6% & directors are taking another 13.2%.
Glenn/Jane Whiddon hasn’t lodged a change in substantial for his 8.2% which means he/they must’ve maintained his/their shareholding.
Consequently you have 37% of the placement in tight hands.
As stated in an earlier post, from my sniffing around, the company was very selective as to who received stock & given the involvement of Middlemas & his Apollo Group, I’m sure matters would’ve been handled in a manner befitting their experience & corporate acumen.
If I had to venture a guess as to some of the recent selling, you may not have noticed but GCX has options that expire in June ’27 with a 7c exercise. They rarely trade.
Yesterday a line of options corresponding exactly with the quantity held by a Jet Capital P/L was transacted. The same holder has 2m shares & I wouldn’t be surprised if they were the seller yesterday & today.
Just putting 2 and 2 together, and of course may be wrong.
Either way, it’s still very early days & although the volume is relatively large for GCX, it’s still a joke in absolute terms.
The drill bit will prove whether the company has a monster on its hands & we don’t have long to wait.
IMHO, the potential risk/return here is unparalleled to any other play currently on ASX & anyone who thinks that the stock is frothy because its price has returned to the levels last seen in mid-January is kidding themselves.
