There has been big sell down on LOM for several months more than for many equivalent explorers and the only "ceasing to be a substantial holder" note was on Dec 1st from Blakeney LLP which only noted a passive cross below 5%. Its not really clear that they disposed of any shares via HSBC. Blakeney are a specialist London based fund with their main interest in Africa for intitutiional only clients - they look like long term investors rather than traders.
I think there are games being played with LOM - note the following observations: - this morning, first trade a 10,000 sell for 0.6c for a total of $60 - a bizarre dump of 100,000 shares for 0.7c on Dec 7th just after MK announced his participation in the entitlement offer, then a big dump over the next 2 days taking out all the bids at 0.6c, with 26m volume on Fri ending back at 0.7c - 11% SP drop following the announcement of a 53 caret diamnod discovery Nov 23. 20+ m volume for the day; opens 0.9c jumps to 1.0c but finishes down for the day at 0.8c
It would not be too difficult using separate accounts via a Nominee holder like HSBC or CS to initiate a sell down from one account to the other, forcing the SP down without significantly changing the numbers of shares held.
LOM Price at posting:
0.7¢ Sentiment: None Disclosure: Held
