From what I can see L1 capital went from 5% to 7% of MIN around Oct 24 when the share price was hovering around $50.
They then bravely topped up with much fanfare in Feb/March 2025 to own just under 10% when prices were gyrating around $25
L1 look ‘pot committed’ in poker parlance, and now possibly being bluffed out.
The current price demonstrates they have clearly called it badly wrong of late.
if I was a L1 unit holder, I would be questioning why they may be taking such highly risky bets, particularly when there seems so little transparency on the current running debt levels and earnings/losses.
If L1 aren’t going to be an ongoing buyer of MIN at $19, maybe they choose be a seller soon? or are they keeping some bullets dry to average down in the next capital raising??
These sorts of high profile ‘punts’ that go badly sour have been known to trigger some chunky redemptions in the past.
MIN Price at posting:
$18.95 Sentiment: None Disclosure: Not Held
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