RE:RE:RE:RE:Didn't see this on our Stockhouse Bd - its their pitch Thanks intransigent. Good points.
I will state however that Harrington's avg cost per share is closer to .30 cents based on their initial purchase of 23Million shares at the secondary offering price of .20 cents on October 28, 2016.
They then proceeded to purchase an additional 17 million shares ranging from .25 to .50 cents.
Press release below:
TORONTO, ONTARIO – August 22, 2017 – Harrington Global Limited (“Harrington”) announced that it, on behalf of Harrington Global Opportunities Fund Limited (the “Fund”), which it manages and advises, has today acquired an aggregate of 1,628,500 common shares (“Common Shares”) of BNK Petroleum Inc. (“BNK”) in the open market at a price of $0.2744 per Common Share (the “Acquisition”). Prior to the Acquisition, the Fund owned 23,253,500 Common Shares. As a result of the Acquisition, the Fund beneficially owns, and Harrington exercises control and direction over, an aggregate of 24,882,000 Common Shares, representing approximately 10.69% of BNK’s 232,689,292 issued and outstanding Common Shares as reported in its Management’s Discussion and Analysis dated August 10, 2017.
In regard to your point on ownership I have listed below all major institutions and insider ownershp. As you can see, 30% of BNK is controlled by Harrington at 17.5%, Livermore 5.13% and insiders[ mgt, board] at 7.10%. Mgt purchased 4.6 million shares at .20cents during the last share offering.
Therefore, it is my opinion , that mgt and Harrington may be willing to accept a lower price and still come out ahead. Obviously, they would like .50 cents or higher, based on NPV and reserves but they have now painted themselves into somewhat of a corner with the strategic review announcement. Shareholders are expecting something out of this review.
Direct Holders
| Name | Shares Held | As Of Date |
| Harrington Global Ltd. | 40.77M | 05/15/19 |
| Ford G. Nicholson | 6.53M | 05/15/19 |
| Victor Hans Redekop | 4.58M | 05/15/19 |
| Wolf E. Regener | 2.58M | 05/15/19 |
| Ray W. Payne | 1.4M | 04/25/18 |
| Wesley Kanne Clark | 586K | 05/15/19 |
| Eric M. Brown | 412K | 05/15/19 |
| Gary W. Johnson | 205K | 12/10/18 |
| Steven M. Warshauer | 160K | 12/10/18 |
| Leslie O'Connor | 25K | 05/15/19 |
Institutions
Livermore Partners LLC 11.95M 5.13% 07.72% 05/15/19
Dimensional Fund Advisors LP 457.5K 0.2% 00% 05/31/19
Davis-Rea Ltd. 250K 0.11% 00.02% 12/31/18
Dimensional Fund Advisors Ltd. 48.19K 0.02% -2.79K 0% 05/31/19
Breakdown
Harrington 17.5%
Insiders 7.10% [ Management and Board]
Institutional
5.50% [ 93% by David Newheuser-Board Director- Livermore]
30.00% of shares owned by 1 Fund, 1 Institution, and the the rest mgt/board