RE:Why is he selling?The recently PP is at $0.47. I think this whole situation is just him unwinding his transaction or re-balancing Al-Sidra's portfolio.
Based on his current pace he could be done selling off within next six weeks. This assumes he continued to sell ~5-mil shares a week (opening balance yesterday was ~30mil shares)
On another note, if you’re interested in how a wealthy man from UAE got involved with MPX then read on:
From what I've gathered, Naser Bin Butti Almheiri is from the same Bin Butti family of the Bin Butti Group in the UAE. The group is a large and wealthy conglomerate with ties to Africa and the Middle East. This little tidbit of information was based on some of the initial fillings, which showed his address at the one of the Bin Butti Group's offices.
Based on this information, I was curious why and how someone from the UAE got involved in an relatively obscure (in the grand scheme of things) company. Therefore, I started looking at the initial CSE filings and found some documentation on the private placement that Naser was involved in.
Link here: https://thecse.com/sites/default/files/CSE_Form_9_v._3_Jan_26-17_RGS_TU.pdf
I found it interesting that the shareholder base was so geographically dispersed. They have large shareholders from many European countries, Hong Kong, Bermuda, Monaco...and the larges group was from the UK. Based on those documents a group of shareholders from the U.K holds ~26% of the company. The filing details the group is composed of 85 entities.
What really fascinates me about this company is that whoever arranged this private placement and managed to wrangle up investors from around the world and from many jurisdictions must be incredibly well connected. The broker-dealer on the private placement in question was Chrystal Capital Partners.
This got me curious, who the hell was Chrystal Capital? Well from their website they've acted as financial advisors or fundraiser for ~C$700-million over the last seven years. Fairly small in the grand scheme of things, but what really piqued my interest was this article from the Financial Times:
https://www.ft.com/content/8c286054-f54d-11e3-91a8-00144feabdc0
The article is an interview with James Innes the co-founder of Chrystal Capital and the most fascinating part of this article is the following comment by Mr. Innes:
"As partner and co-founder of Chrystal Capital, a London-based corporate finance house, he spends his days travelling the planet to minister to a network of 350 family offices – private investment operations set up by the world’s growing ranks of super rich. The bare minimum is investable assets of $250m, although “most of them have far more”.
Where did this connection to Chrystal Capital start? My guess is it was through a recently retired board member, Mr. George Anthony Warburton. I've check into him a bit and he seems to be incredibly wealthy and well connected. If anyone is interested, check out "Scion Film" in the UK. It's effectively a tax loophole in the UK that's exploited by the very rich. They invest in Scion and take out a loan. The interest is deductible against other income and the payouts from Scion covers the interest. Here's an article on this:
https://www.telegraph.co.uk/news/uknews/law-and-order/11552956/CPS-chiefs-husbands-is-member-of-tax-loophole-film-investment-scheme.html So what does this all mean? Nothing really, just an interesting story. However, based on the CSE filings and on a fully diluted basis, this group of presumably ultra-rich shareholders will likely hold ~50% of MPX. Whether you view that as a positive is a matter of opinion.
Rico7787 wrote: H isnprobably selling to fill the PP. Then he will have shares at a lower price with less risk.