RE:RE:RE:RE:RE:Director sell shares ??That's exactly right. Michael is as transparent a person as I've met and this was the only port he had to call on to make sure that he met the needs of his business. In this interest rate environment he is far from the only North American business owner to feel that pinch.
There will be many stories in the next 24 months of businesses that didn't get ahead of their cash flow obligations disappearning. Michael is a talented businessman and his sale has ZERO to do with his view of LME in terms of quality, valuation or timing. He just needed to raise some dough.
Keep in mind that Michael is still, by far, one of the largest shareholders of LME and plans on continuing to be so. He owns millions of shares and wishes he still has the ones he's just disposed of. When the press release references a minority sale, it really is a small fraction of Michael's position. Sometimes doing the right thing, especially financially, means sacrifice.
Michael is an open book. He was very clear, in advance, with LME leadership and that's not always the case. The market ate up his sale very quickly and that should be taken as a sign of great stability for the company.
PS - don't gloss over those drill results! Those are from an area that the expectations weren't nearly as high as elsewhere as they were trying to assess if the strike zone was expanded..... and it is! Check out those gold grams per ton numbers, they are all hugely above the grade for establishing a mine and they are that way in EVERY drill hole (again).
This really is a good news press release. Terrific drill results and a further demonstration that the leadership of LME is connected, entirely above board and totally transparent. The timing of Michael's need has zero to do with the valuation and attractiveness of LME and certainly nothing to do with any prospective buyers for the company. It's just a responsible business owner making a choice.
Hope that helps,
-Steve