A potential strategy for ESAs an arm-chair strategist, I would speculate the following strategy for ES.
It's late to convert the wts into shares for voting purposes, since the record date has passed. But the wts can just be left there for approximaetely 2 years before their expiry (@$0.09/wt).
During the meantime, it would be feasible to arrange a PP to bring up the holding from ~7% (assuming ES has not bought any shares, in addition to his 33.3Ms, from the market). 3%OS would be equivalent to 3% x 480shares = 14 Ms @ 0.045 = $0.63M, plus perhaps 14 Mwts @ say 0.05 -0.06? This PP would bring down his average price from 0.06 to about 0.055. But, this reduction is not really a significant factor in a billionaire's big scheme. For him, it would be
- A step closer to more control of AZX, 10% plus 33.3M +14M wts.
- Presumably, he would have additional allies in the major investors club.
- He does not want to be a miner (too much work), he just wants to be an investor (to play with his own money) and would be willing to deliver his package to AEM (or someone else) if the price is right for him.
It should be noted that AEM has been supporting AZX since 2010. It's first investment was some 9M shares @ $0.20/s.(ouch). The second round of investment was the purchase of the 14 claims for $5M (which is a good deal for AEM). Then in June 2016 (@ $0.07 and $0.06/s) to bring up its holding to the current level of ~8%OS.
ES came in a little later, April 2017, investing $2M for 7%OS (assuming no additional buys from the market) plus 33.3Mwts @0.09.
So, its looks like the situation is controlled by the two entities, AEM and ES. The rest are fringe players, except of course, AZX United that has ~12%OS, if we stick together. Anyone here has the numbers of ES or Sean Boyd on speed dial, lol?
Just my speculation, folks.
GH
------------