Looking at the some charts for NCI over the weekend from January 2022 to July 2022. The timing seems interesting when the build-up for shorts started and when the massive dispositions have occurred. Have a look at the image below, do you see what I see? (more info continues below the image)
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The shorts coupled with the scary narrative / tone from the string of press releases from June 2022 to the end of October 2022 have surely contributed to the share price that allowed for greater and cheaper ownership acquisition.
..."Equity Investments (US$40 million):"... "Dilution is expected to increase
as a result of the lower current market price of the common shares in the capital of the Company (“Shares”)
…‘’Pala Debt Consolidation and Pala Warrants: ‘’…”Dilution is expected to increase
as a result of the lower current market price of the Shares.” Ownership before refinance package: Pala: 37.41%
Mercuria: 10.86%
48% Ownership (Pala and Mercuria)
59% Ownership (if including Solway's ownership %)
Ownership after refinance package (Before Warrant Exercise): Pala: 43.65%
Mercuria: 24.73
68% ownership For a change of control to occur, a plan of arrangement must be approved by TWO-THIRDS of the votes. Pala and Mercuria (PalMer) together have enough to do this and our votership power, including Solway's is worthless now more than ever... Whether this was a coincidence or possibly planned, it's difficult to prove, but still wanted to share. Looking at who's in control of pulling the strings, it's quite interesting (and stressful for any retail investor still holding this) to observe...
Big shout-out to those still holding, I'm with you! <3