Morning everyone,
This could be pure speculation on my part. Has anyone else been watching trading in Tirupati Graphite on the LSE? I check it once a week or so for a miracle! Last Thursday it traded over 8.5m shares and popped up over 60% at one stage. Looks like they put out a good announcement that created a liquidity event.
What sparked my interest is, based on my read of the share registry, only two shareholders could have created that sort of volume and one of them is Waratah Minerals. Did Waratah Minerals sell its Tirupati stake last Thursday night? If so, this will fund many thousands of metres of additional RC plus some DD, in addition to the $3m raised recently. This could potentially signal they are not doing another raise just yet.
Anyway, as I said, just speculation at this stage until a LSE substantial shareholder notice is lodged and they would also need to Ann. to ASX they are out. Not sure of LSE T+ settlement terms etc.
(20min delay)