– cashed out $25.5 million selling 75 million Bannerman shares at 34¢ a pop to two institutional investors. Those insiders willingly took a 19 per cent discount on the last price , which tells you what they thought of that price. “Ethereal” may be the right word.
At 22¢ last week, Bannerman was taking a 36 per cent discount to where its leadership team recently chose to take profits. Lucky for those “new and existing institutional and sophisticated investors”, Euroz and Canaccord tipped into the raising.The triumvirate dumped their stock on October 19 through house favourite Euroz, of West Perth. And there was Euroz back at the trough on Wednesday selling tickets to the Bannerman lottery.
The only thing worse than being slotted with shares in crummy Perth explorers by Euroz is being stranded on Rottnest Island at the Euroz annual conference. Now that is an abysmal affair! Tortured delegates have been known to fling themselves in the shark-infested waters and swim towards Fremantle – anything to make it stop.On October 15, only four days before flogging 25 per cent of his holding in Bannerman for proceeds of $3.
“We are on the cusp of a new nuclear age in which decarbonisation imperatives collide head-on with unrealistic expectations of renewables penetration,” he envisioned.And were that really true, you’d be loath to sell your equity on the cusp of this boom. Unfortunately, all of those share options vesting gave Munro “a significant tax liability”.has helmed The Australian Financial Review's Rear Window column since 2012. He is based in Sydney.
I think the process loses BMN a shit load of credibility. For sure it’ll start to get lower weightings in my book and I think across the spectrum. People are not silly.
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