RE:RE:AGM...thanks for the info and some questions and commentsGood post WCSB2013...well written and presenting some fresh perspectives on the current situation.
I think you've hit the nail on the head with your comment on the investors who took up the bought deal financing...there has been very little selling since by the participating investment houses, despite the decline in share price by ~$1.25/share, unless it has all been cloaked in Anonymity. I wonder how many actual purchasers took down the bought deal...it could have been far fewer than we all assume and, as you say, may have been a few very large private shareholders looking to protect their much larger existing investment in TAO...and there's no reason why a few shareholders couldn't have participated multiple times through different investment houses. The participating houses may not have had to take any of the shares onto their own books at all...they may have been presold all the way through to the investors.
In the meantime, TAO's marketmakers and those directing the latest NCIB seem to be quite content to let those who have to sell at this time of year push the price lower and buy from them there. Why buy shares from investors who have to sell at $3.50 when they can be bought at $3.20, or lower?
Yesterday, Richardson picked up shares under the new NCIB @$3.20, but only 20,000 of the 51,462 allowed under the NCIB. Today, the big stop-gap bid sits at $3.15, but totals only 28,200.
The volume of trading is relatively low these past few days, from which I infer that there aren't that many investors out there who still have to sell their TAO shares. (Yesterday's volume of 779,642 included a large cross by Casimir of 515,540...meaning the amount of free-trading shares that changed hands was 264,102) Nevertheless, we still have, including today, 6 trading days that investors can sell into in order to claim their tax losses for this calendar year...so we may yet see the $3 price level breached.
Other observations about recent trading, for what they're worth, include that Goldman seems to have finished its selling and started buying, albeit not in large amounts yet...and that Morgan Stanley, while still selling in 100 share lots, has been buying much more and in larger blocks (picking up +26,000 shares yesterday)...that Credit Suisse, Canaccord, BMO and Scotia have been consistently selling while Desjardins, Merrill Lynch and UBS have begun buying...and that the ever-present Anon has been active on both sides of trading.
We are in the depths of the selling season, when investors' nerves get tested...but also when opportunities present themselves to the patient investor willing to risk betting on TAO's future prospects.
As always, GLTA