"During the month of July, Resolute in aggregate disposed of 35,000,000 common shares of Jaguar Mining on behalf of the Fund. The dispositions included 4,637,000 shares with a four-month holding period sold to an accredited investor in accordance with applicable securities regulations and which had been acquired by the Fund in a private placement that closed on June 15, 2017. As a result of these dispositions, together with other shares acquired or disposed of previously, the Fund held 2,000,000 common shares of Jaguar Mining at the end of July, 2017, representing approximately 0.62% of all outstanding shares of that class"
I think it is the good news. A shareholder, that I cannot name a smart investor (who disposes the shares in such a nasty way?), is out of the company (nearly). Very fine. Farewell Resolute. And, please, do not touch this company again.
What is more, while selecting mining picks I will be closely checking whether this fund is among company's shareholders. If it is, caution is advised...
Poor Wesdome Gold...(another mining company where Resolute is a big shareholder).
Resolute already slammed Wesdome once and then came back in in a big way at higher prices. The strategy doesn't seem to make a lot of sense but it sure has left JAG at a very compelling valuation.
ReplyDeleteI agree
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