Thoughts on AGMUntil we have confirmation or another news update, AGM being cancelled leads me to suspect a few things:
- firstly, those PP shares were unlocked last week. Negligable downside from the hypothetical scenario "do they dump?". The drop we saw last Weds was largely from crude inventories and whole oil/sand sector getting dumped.
- secondly, post unlocked shares, we have seen a lot of volume. Very large bid/ask lots are being filled. And, it's pretty range bound. Who is buying?
- thirdly, AGM is cancelled... meanwhile, a lot of stock is moving hands. Price is holding ground below 20/50 SMA but above 100SMA. Meanwhile, EMES, HCLP, SCLA, etc... all below their 100SMA. SNS "looks" the best on chart thus far.
Here are some things I am considering:
Someone is definitely acquiring lots of stock. For all we know, those private placement holders may be providing a rangebound price to a willing buyer who would like to accumulate more stock. Does this mean an early warning report is forthcoming? Does this mean a bid for assets or company? I don't want to pull the buy-out card right now because it feels too premature... but the volume is definitely preceding some forthcoming development.
Add all this up and then AGM is cancelled. I emailed Zig asking why and did not get a response.
If there is someone behind the scenes acquiring % and has some sort of strategy they will soon execute, there is a good chance they'd also be in communication with management. This may explain the cancellation of the AGM.
I only have one personal experience to share: ELR on April 15th 2016 announced June 15th AGM for record date May 11th 2016. On May 6th 2016 a hostile player shows up looking to oust the board. On May 13th 2016 it was announced that the AGM record date was still 11th 2015 but the meeting date was moved to July 5th 2016. This was likely a move by management because what soon came after was their smear campaign against the hostile player and they needed time to plead for shareholder support.
But, of course, this is all speculation. What DOES confirm something forthcoming though is all this volume... cuz there is a lot. And, rangebound trading.