We've gotta be worried about what the GVM management have on their minds, when you read in the last 1/4 report that they sold 2.7million odd Thistle shares for an AVERAGE of A$0.30 each. During that time Thistle shares rose from a low of about C$0.20 (A$0.23) to an end of March high of C$0.40 (A$0.46), while April saw them rocket to a 52 week high of C$0.83 (A$0.95) to settle back to the present C$0.70 (A$0.80) level.
Are GVM directors so out of touch with the general trend of the POG & associated gold stocks that they want to divest so early in a run (they sure aren't in dire need of operating funds) or are they once again dancing to the tune of their previous controlling shareholder (Thistle) The Thistle portfolio (originally 9m odd shares @ C$1.00) came to GVM as payment for Thistle's purchase of the Philipines Gold co. and to date GVM have managed to turn that A$10m+ payment into just over A$2m (+ 2 million odd shares still remaining . . . . guess they are waiting for Thistle to correct down to < C$0.50 to complete the rape)
The backdooring of Navigator would certainly only have received the blessing of Thistle if certain conditions were agreed upon and the disposal of the Thistle portfolio as directed by Thistle would most certainly have been a major point.
On the brighter side, once GVM has done its duty and divested itself of the Thistle holding, the "new guard" (the Navigator camp) should be free to unlock the value of the Navigator tenements (and hopefully get rid of the Thistle representative on the board, former Chairman Morrice Cordiner) General opinion amongst people whose opinions hold some credence here in Perth (geos & mining engineers), is that the Navigator tenements are extremely well located and very prospective (the principals have been tramping the Kimberly for many years, unlike many of the recent "jump on the band wagon" claim stakers, so you would expect that they would have had a good pick of the available tenements)
GVM Price at posting:
0.0¢ Sentiment: None Disclosure: Held
