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$3.69 azure minerals limited

I’d also add: I think 11.5 is the best barometer of how the...

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Mossberg

1,581 Posts.

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23/12/18

23:48

Post #: 36948286
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Originally posted by Mossberg ↑

On 19 December, DB purchased 5,843,113 AZS shares for the modest sum of 11.5c p/s. According to the AR (p.59), Drake owns 5,843,113 shares. Clearly, Drake off-loaded its entire holding to DB (the only entity prepared to buy it), at a fire-sale price (25% discount)

This explains why DB dumped 125,000 shares on 13 December (i.e. so it could purchase Drake's holding without passing the 20% cap). Interestingly, Tony Rovira & Peter Ingram were busy buying shares the same day (160,000 & 170,000 respectively in this period)

With respect to Adesso' question about whether Directors purchased shares in response to the DB acquisition, and/or possibility of a T/O offer, prior to the sub notice being disclosed to market ... I hope not. That wouldn't be fair or ethical, imo. No-one should insinuate such things without supporting evidence.

Finally, Adesso' claim that 'all three directors have boosted their holdings' is misleading. The 3Y published 21 Dec shows Dr Martinick, and Mssrs Rovira & Ingram simply received their generous options packages awarded to them by grateful shareholders at the AGM.

In summary: What we see here is the capitulation of a long-term AZS corner-stone (Drake), coinciding with some opportunistic 'averaging-down' by Deutsche Balaton.

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I’d also add:

I think 11.5 is the best barometer of how the market values AZS in the current climate and at the current stage of the project

Few would know the business & project as well as drake or DB. If they feel 11.5 is a fair price for a deal of this magnitude, why would the market feel differently when the next CR occurs?

AZS Price at posting: 15.0¢ Sentiment: None Disclosure: Not Held
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0 Great analysis

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I’d also add: I think 11.5 is the best barometer of how the...

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