According to the July 8, 2016 announcement, in June 2016 Resolute Funds sold 6.29 million shares of Wesdome Gold. After this sale Resolute owns 27.06 million shares of Wesdome, which is attributable to a 20.9% stake in the company.
Well, it looks like the offended fund started selling Wesdome shares.
However, the question is: who is buying these shares?
In June as many as 18.6 million shares changed hands at the Toronto Stock Exchange so Resolute delivered 33.8% of the total supply. Despite this fact (heavy selling) Wesdome Gold shares went up from C$1.74 on June 1 to C$2.10 a share on June 30 (up 20.7%).
It looks like the demand was very strong in June...
Hi SD,
ReplyDeleteMay I ask you the link to this announcement?
Do you think Kirkland Lake could be the buyer?
Regards,
--
Laurent
Here is the link:
ReplyDeletehttp://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00001108
The news is under "July 8"
As for Kirkland buying Wesdome - there is such a theory