RE:RE:When You Have Facts...Antoninass wrote: Oregonduck
To me, your critic, is not too impressive. when you say, "No insider has sold except for Goodmand & Co. recent 2 MILLION SHARES" , you make it sound like its no big deal. The fact is, it is a big deal when insiders sell 2 million shares and bring the SP down with their move because generally when insiders sell that many shares confidence in the market erodes as happened in this case with VGD, leaving people who invested BECAUSE of the backing of Goodman and McKewen holding shares worth in many cases less than half their original value. At the time I was told by IR that VGD was blindsided by the sale. I was also misled by the false timeline IR was telling me about the releasing of results. Who was behind pumping up a 9 cent stock that had yet to release any results to 26 cents? (close to a 300% increase) . According to Oregonduck it could not have been HEAVEN FORBID Goodman who benefited most selling his 2 million .10 shares and making a great profit at it. Boy, What timing to have sold when he did. Right Oregonduck !!
Hey, Goodman is a shareholder like you and me. You could have sold when the stock was up at, say, $0.26 instead of crying over lost opportunity. Goodman was selling to avoid breaching securities laws ?? The 20% rule dictated that he had to unload 2 million shares in order to subscribe for 6 million warrants. No other insiders such as McEwen or other senior officers had sold. (Source: Gowlings LLC Law Firm) What is the significance of the 20 per cent threshold? Can we avoid it through affiliates or in side deals? An acquirer cannot accumulate more than 20 per cent ownership of a class of equity shares unless the offer to acquire securities is made to all of the holders of the class. Outside of an offer made to all of the holders of a class, accumulations in the secondary market over 20 per cent can only be made under limited exceptions (see below). Side deals are not an effective means to avoid crossing the threshold. Canadian securities laws contain anti-avoidance provisions, the effect of which is to include in the calculation of whether the 20 per cent threshold has been met (and whether the 10 per cent threshold for the early warning disclosure mentioned above has been met): shares and convertible securities owned directly, or indirectly, through affiliates or nominees; and shares owned by persons or companies acting jointly or in concert with a bidder under an agreement, commitment or understanding.