RE: 13% Of The Founders Shares:Thanks for posting this.
It would have been nicer to see insider buying, rather than this kind of selling.
I see to aspects to this:
Onthe one hand, insiders do sell from time to time. Nothing sinister inthat, in and of itself. It doesn't mean they don't believe in thecompany any more. Some people just want to cash out some money. Sincethey are heavily invested in the company, ie. own a lot of the company'sfloat, their sales will be proportionately large.
This isclearly a coordinated move between them and a well-timed one, as well.They sold into a general gold share rally. On a tangent, it will beinteresting to see how gold shares respond to the climbing gold price.Previous action was encouraging, although it looks sluggish again.
Onthe other hand, the fact that 13% of founders' share have been blownout in order to "diversify" is not precisely an enticement to potentialbuyers. Why did they decide they needed to "diversify" out of thiscompany and why now? Their email implies that they think there arebetter pickin's somewhere else. We don't know a what price they gotthese shares. If it was really, really cheap, then gee, I'd be sellingwhile the selling is good.
With the continued mine-closure, it isclear that current quarter production will be curtailed. No recordproduction numbers coming up. They have not given any notice on whenthey expect to resume normal operations at the flooded mine. So thismight not have been the worst time for them the sell.
On theencouraging side, the 12 million share volume we saw on Monday (was itMonday?) tells us that big guys, knowing all of this, are willing to buyBTO and are going long.
Good luck to all...