RE:RE:Feb 19 Trading SummaryHere are some of the theories I've been contemplating since compiling data from TSX from Dec 6.
SELLING PRESSURE Trenchant Capital Corp Syndicate of Agents consists of the following retail trading firms:
- INDUSTRIAL ALLIANCE SECURITIES INC. (net seller 31,000 shares)
- CANACCORD GENUITY CORP (net seller 591,200 shares)
- GMP SECURITIES L.P.
- RAYMOND JAMES LTD. (net buyer 185,700 shares)
- ECHELON WEALTH PARTNERS INC.
- MACKIE RESEARCH CAPITAL CORPORATION (net buyer 17,000 shares)
- PI FINANCIAL CORP. (net seller 951,814 shares)
- HAMPTON SECURITIES LIMITED (net seller 200,000 shares)
- INTEGRAL WEALTH SECURITIES LIMITED
- LEEDE JONES GABLE INC. (net seller 352 shares)
Of particular interest to me is watching for exhaustion of selling from Trenchant.
To this point, the following information is relevant:
- PI Financial Corp last major sale (521,000 shares) occurred Dec 27, 2018.
- Hampton Securities last major sale (100,000 shares) occurred Dec 7, 2018.
- Are GMP, Echelon, Integral Welath already out?
- Canaccord Genuity is still selling -- but for how much longer?
I speculate that persistant selling from these retail firms is what ground the stock down to the 52-week low. I believe that they were (or in the case of Canccord still
are) holders of the cheap $0.15 and $0.21 warrants that were exercised in first quarter of 2018. These have been sold
at profit all the way to these low price levels.
I further speculate that when these parties sell the last remaining portions of their cheap shares, the stock price will meaningfully rebound.
So what is special about Trenchant you may ask?
John Legg, Director (
link)
Mr. Legg has been a lawyer in private practice since 1996, providing counsel in corporate and securities law matters to numerous public and private companies. Mr. Legg served as President and director of Golden Predator Corp. from May 2009 through December 2012. During his tenure Golden Predator secured over $60,000,000 in equity and $35,000,000 in debt capital...
BUYING PRESSURE Looking at the Golden Predator
presentation, one can see CIBC Private Wealth listed as a 'Prominent Shareholder'.
In my tracking of the TSX data, 079 CIBC World Markets Inc has been a net buyer with 3,562,027 shares. It would make sense that accumulation of these shares would be purchased through CIBC.
As I watch CIBC grow its position, I track others for similar behaviour.