It’s been confirmed that it was in fact Freeman Road that sold around 38 million shares (all their holding) on Wednesday. They were the second largest shareholder.
This is a big play. Why would they sell out completely at 11 cents and why now?
Freeman Road have been involved since day one and had an average buy in price at under 2 cents so they’ve made a profit of over $3,500,000. You never go broke making a profit but their decision to pull the trigger now warrants some discussion, especially as they have very close links to a board member so would have all the information legally available.
I think we can assume that they strongly believe the vote would be NO at the current offer otherwise they’d have waited and received 11.5 cents or an additional $190,000. Not a small amount of money.
They may have many and varied reasons for selling out and good luck to them but this is the first big domino to fall IMO.
What do we glean from this?
RAP Price at posting:
11.0¢ Sentiment: Buy Disclosure: Held
