SP ActivityI have mixed emotions about all this because I hold both BTU and RGLD, but for all it's worth I'm down about 25% on BTU.
First off, I have no problem with Ryan selling. It's his prerogative. We all trumpet insiders' holdings. The more, the better. But they have every right to sell when they want for whatever reasons. I mean, do shareholders just expect them to hold and keep buying indefinitely?
I'd really like to know what BTU management has done or attempted to do regarding Ryan's selling. Have they offered to do a private transaction to buy the shares? They're not showing up on any insider transactions, so I guess not. If they believe in their company and it's projects and the prospects of those projects, then why not buy more themselves? Allowing the selling is essentially wiping millions off the market cap. It sure doesn't look good during a drill program, as we all know.
On the other hand, as a RGLD investor, I couldn't be more impressed. To have a CEO buying almost daily sure instills confidence. There's no doubt he's helped the sp appreciation, but he's not solely responsible. Yesterday, I believe over 500k shares traded and Ryan was responsible for 50k.
I've exchanged emails with him and there's no doubt that he sympathizes with shareholders. He realizes the effect of financings...dilution, and diminished share value. He won't finance until conditions are favourable and dilution lessened. I'm sure Mike England appreciates it too as he still holds 2.75 million shares of RGLD.
And...it's working! He's held off and the investment community has become more aware of Red Lake (mentioned in blogs and podcasts), and as a result the sp has doubled over the last couple of months.
It's tough being on both sides, but I'm sure glad that I diversified those risks.
Anyway, have a great weekend!