Sprott Resource Corp Ord SCPZF

SCP sells some ICD

[carlson8]

the good news is SCP sold a little more than half of their ICD for $12.6m so they now have no net debt, around $6m net cash. they did this over the last month (1m shares in august, and 1.6m in sept) so they didn't get all of todays $5.30 ICD price but averaged $4.88

SCP NAV is now 1.05 and trading at .50 still a 52% discount

https://www.sec.gov/Archives/edgar/data/1537028/000095014216004527/eh1601026_13da2-sprott.htm

[pmac2015]

This is great news and a move that makes sense given the prolonged discount to NAV. It's their only liquid position remaining so once this position is gone it will be interesting to see what is next.  I'm hoping from here they continue to sell the ICD shares over the next few months until its gone. And buyback shares of SCP agressively. Once the cash is gone from the buyback have

[pmac2015]

Keep in mind that the 12.6 M is in USD so about 16.5 M CAD. 

[carlson8]

good point on the currency, i sloppily made that mistake! SCP NAV is actually 1.09 so trading at .50 is a 54% discount i think they sell the remaining 1.9m shares of ICD now . they sold every single day from 9/19-9/30 with the largest amount on the last day, doesn't look like the end. if the demand is there they sell into it, not pushing the price down. on the buyback, i am anxiously

[pmac2015]

Interesting that still no press release from SCP! The estimated sale proceeds of $16.5 Million CAD represents over 35% of the market cap. SCP shareholders are in the dark and their is no excuse. How is the discount to NAV ever going to shrink if management makes less than minimal effort to keep shareholders informed.

[carlson8]

a SCP PR would alert ICD shareholders of selling pressure ... they'll likely do it after they finish selling it all