Spartan Delta Corp T.SDE

New Principal Shareholder

[Fyordian]

My suspicions regarding the "behind the scenes" block trading has come to light. A hedge fund called GMT Capital has publicly filed their ~17% ownership of SDE. GMT must've been the one picking up the million share blocks and Makarov might have converted his note defensively. 

As it stands:
Makarov/ARETI owns ~20% (it's really like 19.8% or something)
GMT owns ~17%

At this point in time, not a clue what GMT's intentions are, but I would hope that Makarov and GMT are on neutral terms rather than in collusion or adversaries. Interesting to note that GMT might be in cohoots with MGMT because I believe GMT might have backed the original private placement for MGMT, not entirely sure at this point.

[black4444]

Fyordian, You are correct regarding GMT and the original private placement. According to my notes, GMT took down 850m out of the 3,200m shares placed in April of 2020. GMT has been heavily involved in the Canadian oilpatch for many years. Noteworthy is their ownership position in PIPE, neighbours to SDE in the Grande Prairie area of the Montney. Of ongoing interest to me is the possiblities of

[Seppelt]

Good point. I was going to mention GMT, the second largest investor in PIPE and Riverstone of course. I think, they both will hold on to PIPE until the must conversion of convertible preferred to common sometimes in Q2 or shortly after. Anything can happen afterwards. Regardless, SDE has plenty of land to drill and enjoy cash pouring at current oil and gas prices.

[Fyordian]

Okay interesting, any ideas on what kind of behaviour GMT typically follows? Are they an aggressive activist investor for example? Seems like half of Montney is up for sale at the right price, I wouldn't be surprised if GMT is influencing actions here with what seems like a hand in every pot. Consolidation under a single entity is where I think the region is headed as well. XTO Energy was

[black4444]

GMT (sometimes under the guise of Bay Resources Partners) to the best of my recollection has never publicly worn the mantle of an aggresive activist. Behind the scenes, who knows. The fact that they have been able to participate in some many private placements in the oilpatch over many years leads me to believe management teams are pretty happy to have them on board as patient, supportive