I'm just going through the change of substantial holder notices from Regal and looking at the SP on the dates, all since late last year.
They were buying the whole time, except for some internal account changes, where they bought and sold thousands of shares on the same day at the same price, with exactly the same number of both..
Then one sale on the 22nd of December, then further buying on the 29th at an average of $12.15/sh.
In January, they were sellers on 8 separate days from the 5th Jan through to the 18th, the day the cap raise at $10 was announced, over 47,000 shares sold during that time, including 6,977 on the 16th at $11.28. You'd be hard pressed to convince me that they didn't know of the cap raise for some or all of this time, as they participated to the tune of 949,645 shares in the cap raise, were buying before the 5th of Jan and selling after...
How is this not trading on insider knowledge of a coming cap raise??
Then they did a bit more buying in early Feb around the $10 cap raise price or just above, up until the 22nd Feb where they managed to buy 50,939 shares for $11.84.sh, then sell 164,813 shares for $12.02, before buying 500,000 for $12.02. The share action that day was open at around $11.25, then up all day before appearing capped at around $12 before the big buy...
Then more buying at the end of Feb into early March with the change of Sub holder notice on the 5th March, which clearly showed Regal buying and increasing their holding. This notice was displayed on the ASX website at 4.44pm, which is when Regal lodged it. (I know this for a fact as I have lodged change of sub holder notices and they go straight through)
That same day Regal sold 155,482 shares for $12.47 and bought 300,000 for $12.47. Total shares traded on ASX was ~450,000 for the day.
Since the stellar results on the 28th March, Regal have been selling on the entire way up, from $11 up to the 20/5/24 notice.
They started selling at $11.43 and I wouldn't be surprised if they continued to all the way down to where we are, since the 20th May, despite more stellar assay results. So I'm expecting the next change of sub holder notice to be more Regal selling into a thin market. It looks and smells like end of year book closing and like they are happy to make profit on the extra shares they bought in the placement at $10 for a profit, plus selling more than just that (including the 500k that they borrowed from themselves to short, which they offloaded to MSCI funds?).
Regal were buying at up to $13.10 on the 28th Feb, but are selling at $11.43 on the 28th March, the day stellar results are announced!! (they are probably 'different' shares to the ones they bought at $13.10, so all buys can show a profit)
Regal are in this for short term profits along the way and don't care about developing the asset, or the company, providing they show good returns every year. I certainly hope that whenever the next cap raise comes for development of the project that management look at long term investors, or a mining company partner, not this mob...
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