In view of the fact that Lanstead Capital came to a "sharing agreement" with SPPT (BLG's major shareholder) in January 2019 to take over their stake over a 3 year period I felt it may be interesting to see ow these agreements operate. Neither SPPT or Lanstead have published this information however I found the link below which provides more details for another company
It appears that Lanstead pledges funds to the Sharing Agreement but these are held in escrow and the Company (in our case SPPT) receive cash settlements from Lanstead over a period (in SPPT case 36 months), commencing in approximately two months after signature, and the payment received out of escrow from Lanstead (monthly) is dependent on the 20 day VWAP (in our case BLG) prior to each monthly payment. It would appear that in SPPT's case they are now selling to Lanstead at about 15% to 20% discount to the BLG SP, which must be hurting since they paid an average of about 20 cents/share.
Another interesting point is tha had Lanstead kept these BLG shares then they would have owned 5.31% of BLG on 20 Feb 2020. As a significant shareholder (i.e greater than 5%) this would have required them to inform the market within 2 business days. Since as of 12 April 2020 no such notice has appeared it can be assumed that Lanstead have been selling BLG shares acquired from SPPT.
BLG Price at posting:
2.7¢ Sentiment: Hold Disclosure: Held
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