Friday, June 20, 2008

Wega might be selling less now,

and someone else MIGHT be selling through Canaccord. Of course, the panic environment has already been created, thanks to Century's constant delays with financials, etc. , coupled with Wega's selling leading up to this point. Also, no need for Wega to sell their own shares as much anymore when other sellers have jumped onto the market (they might have noticed this and decided no need to use as many of their own shares anymore - to do the dirty work). In addition, it is unclear if Wega has been buying back some shares in recent days (at these lower prices) to allow for these lower net daily positions. It is also unclear if Wega has filed fully for these particular days (could be more to be filed for these days, but I have absolutely no idea). Based on the net sales (info) we are able to see, it's clear that Wega's selling is very tactical, as oppose to just random selling to dump shares. Total Century shares traded vs Wega's NET sales, from SEDI:

Jun 18 - total Century (1,135,555), Wega (50,000) -
Jun 17 - total (381,002), Wega (48,000)
Jun 16 - total (509,600), Wega (100,000)
Jun 13 - total (249,400), Wega (64,500)
Jun 12 - total (112,070), Wega (0)
Jun 11 - total (736,700), Wega (2,500)
Jun 10 - total (760,226), Wega (500,000)
Jun 9 - total (579,000), Wega (0)
Jun 6 - total (534,040), Wega (317,500)
Jun 5 - total (254,500), Wega (236,000)
Jun 4 - total (342,000), Wega (213,000)

25 comments:

juha said...

Thanks for this info. I don't think it is sounding very good though, Wega just 50k out of over one million on Wednesday!?

production05 said...

Hi Carib,

When you get the chance could you please initiate your "today's trades" link (if you don't mind). It should be interesting to see the breakdown of the 2M shares traded today. I noticed BMO Nesbitt going strong there at the very end, but I'm ensure who was at it during the rest of today.

Thanks,
Production05

roxy14 said...

Does anybody know if there
were any shorts on cmm as
of the 15th?

Natik said...

Imagine this ... for $100,000 you could buy 1,000,000 shares of CMM!

Basher comments aside, and PK's ego and arrogance notwithstanding, a 40 cent rise from here is not out-of-the-question. Dropping $100,000 today or Monday is not for the faint-of-heart.

Mind you, a few things have to fall into place very quickly:

>year-end finanicals
>1st quarter financials
>updates from the mines
>MRI (?) bridge financing
>new CEO hired (assume PK is out as CEO) with a mandate to upgrade the mines
>reduce current hedge book
>revise current guidance -underpromise and then overdeliver
>bolster Board accountability
>improve communications with shareholders

Who is attending the AGM next week?

roxy14 said...

Natik

Many good reasons why I haven't
backed up the truck yet.
Maybe after the agm.
Wish I could go.

Carib said...

Production, I've just posted the trades for today and this week's summary.

Even Wega, it seems, is not fool enough to sell their shares for 10 cents or less. So 11 cents may be as low as they are willing to go. RBC sold 643,000 shares yesterday - all at 11 cents, but only 10,000 today. They won't have to report those until after the AGM.

However as you say, they pushed the price low enough where others refused to hold on any longer.

My best guess for the Canaccord selling is the buyer of the 4+ million Scion shares sold in December. These were almost all crossed by Canaccord at 25 cents. A 50% haircut may be all they were willing to take. So far in June Canaccord has sold about 3.3 million shares, but Canaccord has also bought 2.3 million, so it may be a case of many of these shares moving from one Canaccord client to another or in-house Canaccord buying. There was a Canaccord cross today of 850,000 shares. That's not Wega's style.

There is no reported short sales of CMM shares, but in Canada that means very little. So another possibility is that someone is using Canaccord to short CMM, but I doubt it. It would seem reckless to short a 10-cent stock when your maximum gain is 10 cents and the potential losses are much higher - unless you are someone like Wega with the shares available to cover.

roxy14 said...

Thanks Carib.
Is it possible that Wega
drove the price down and now are picking up cheap
shares through another
entity?

Carib said...

> Is it possible that Wega drove the price down and now are picking up cheap shares through another entity?

Roxy, I don't think so, at least not up until and including June 16.

When you file insider trading reports, you have to file your buys as well as your sales and Wega didn't buy any shares.

roxy14 said...

What I meant was...what if
they have a side deal with,
for example, SUE. And have
them buying up shares.
Just as an example.

Carib said...

Roxy, one can speculate on any number of possibilities. However, I do think that Wega having any dealings with SUE has a very low probability. As far as I know, they are still named as defendants in the $200 million lawsuit by Sulliden.

If CMM still held an option on Algamarca, then maybe SUE might be interested in CMM, but not now, IMO.

Wega motives seem very clear. Use the power of your large share position to drive the price so low that others will panic and help to get PK fired. It hasn't worked so far and there is only one more week to go.

I don't think it is legal to have an AGM without first issuing the financial results for that year.

roxy14 said...

O.K. Carib

Just trying to cover every
angle as I'm so, so tempted
every day to buy more. As I
am sure many on here are.
As Natik posted, this could
easily be a 4 bagger or more from here in the very near term. For once, I'd like
to make $$$$ on this company.
The silence is deafening.
O.K. , time for another beer.

Downtown Dantan said...

I have cash to purchase a million shares..... sounds cool eh? one million. Still I am waiting for the 8 cent mark to fill 'er up.

With Wega lurking at 11 cents and Canaccord dumping shares, it's hard to pick up the courage to buy more.

I wonder what's going through Peggy's mind? She's down south giving keynote speeches on hedging, investing in SA, gold mining, acquisitions etc.... maybe she is telling others how not to do it.... can't see her giving advice with massive failure all through her career.

I hope that we get some positive news.... it's been 6 months since the Lamaque good news. since then, it's been a downhill slide.

Get the write offs done, move on and turn Lamaque into a money making mine.

production05 said...

Carib, thanks very much for posting the trades. Unfortunately, I am still unable to view them. I get this error message: "the page cannot be displayed". A week or so ago you were able to fix the link for me. On that day I viewed it shortly afterwards and it worked perfectly. Later that day, about 2 hrs later, I checked back and it had stopped working. Could it be time sensitive, or something of that nature?

Thanks again, and not a big deal if it doesn't work (I think we have a pretty good idea of the activity that occured). That Canaccord cross you mentioned eats up a relatively large chunk of the 2M shares that were traded.

Production05

juha said...

Just wanted to say, the link doesn't work for me either(so maybe it isn't just your computer production05), just so you know. Thanks for the updates very much, Carib wether it doesn't work right now or not.

Carib said...

Try the link now.

production05 said...

Thanks Carib, it works.

It looks like the agreed upon price for the 832,000 Canaccord cross was $.09. As a result, it looks like Canaccord had to drive the price down to $.09 to enable the cross to occur. If the sellers are the people that picked up some of the Scion shares from last December then hopefully they will be done soon, given the large cross and given they may have been selling for a couple of weeks now (via Canaccord).

Natik said...

The past six months has been brutal. Many of the little retail shareholders have been mauled and decimated by WEGA, Canaccord, RBC and PK actions. Who survived? Is it over? At least we're still around to see another day. Thank you PK for hosting the AGM in Vancouver for shareholders to attend and behold the West Coast vistas. For some inspiration read the following poem and think about Hans at WEGA, the faceless unknowns at Canaccord and RBC, and our silent leader, PK:


The Charge of the Light Brigade (1854)

1.

Half a league, half a league,
Half a league onward,
All in the valley of Death
Rode the six hundred.
"Forward, the Light Brigade!
"Charge for the guns!" he said:
Into the valley of Death
Rode the six hundred.

2.

"Forward, the Light Brigade!"
Was there a man dismay'd?
Not tho' the soldier knew
Someone had blunder'd:
Their's not to make reply,
Their's not to reason why,
Their's but to do and die:
Into the valley of Death
Rode the six hundred.

3.

Cannon to right of them,
Cannon to left of them,
Cannon in front of them
Volley'd and thunder'd;
Storm'd at with shot and shell,
Boldly they rode and well,
Into the jaws of Death,
Into the mouth of Hell
Rode the six hundred.

4.

Flash'd all their sabres bare,
Flash'd as they turn'd in air,
Sabring the gunners there,
Charging an army, while
All the world wonder'd:
Plunged in the battery-smoke
Right thro' the line they broke;
Cossack and Russian
Reel'd from the sabre stroke
Shatter'd and sunder'd.
Then they rode back, but not,
Not the six hundred.

5.

Cannon to right of them,
Cannon to left of them,
Cannon behind them
Volley'd and thunder'd;
Storm'd at with shot and shell,
While horse and hero fell,
They that had fought so well
Came thro' the jaws of Death
Back from the mouth of Hell,
All that was left of them,
Left of six hundred.

6.

When can their glory fade?
O the wild charge they made!
All the world wondered.
Honor the charge they made,
Honor the Light Brigade,
Noble six hundred

roxy14 said...

Sure is quiet here

Anonymous said...

Is it gonna be .06 quiet soon? This boat will turn around but seriously....what the ****. Oh well, buy some more and have patience hey guys?

production05 said...

I didn't observe the activity for the entire day, but I did get a good look at volumes for about the last 500,000 share traded. The majority of those shares seemed to be from Canaccord. I didn't see any RBC/Wega shares in those last 500,000 shares. This pattern seems to be consistent with Friday. Gee, (if the Canaccord seller is truly the buyer of the Scion shares from Q4'07) you would think their sustainability would be limited, right? At this rate of selling, you would think that their (rapid fire) life cycle would only be a few weeks (max), right? It is very clear that their selling is to strictly liquidate their share position with Century, with no agenda (at least nothing similar to what appears to be Wega's agenda, IMO).

I'm not going to discuss no financils, no updates on Lamaque in 3 months about, LEAVING LONG SUFFERING SHARESHOLDERS IN THE DARK ABOUT BUSINESS CRITICAL MATTERS FOR LONG PERIODS OF TIME (and shareholders have to watch their investment dollars get hammered from $1.89 to $.09, and still falling).

A TOTAL DISREPECT FOR CENTURY'S SHAREHOLDERS!!!!!!! This alone is enough to replace many members of the BOD for allowing this to continue.

Only 28 people have stated through the Century Blog poll that they have voted to Withhold Margaret Kent from being a Century Director. I'm surprised and disappointed that it is so low. We are not going to be able to boot her out of her Director's role, but if enough votes and shares are Withheld then hopefully the rest of the BOD will feel the pressure to remove her from the Chairman's role. It would also sent a strong message that if they don't clean things up then the next step for Century shareholders will be to organzie and call a special meeting of the shareholders and replace the entire BOD for failure to act and then fire all top level management of the company. At that point, it would be too late to worry about the IQ debt coming immediately due by such a step (if that was the case). Contingency plans can be made: 1) negoitate with IQ directly about keeping the current payment schedule in place 2) Sell San Juan if require to pay off IQ 3) try to line up a funding deal with an institution in order to pay for the IQ debt (there might be plenty interested if they knew Margaret Kent and the BOD will be booted).

GO OUT AND VOTE! Use your legal right to express yourself!!! Surely, you can't be happy with being slaughtered alive, right???

Natik said...

Production, perhaps some shareholders haven't received their packages? I know three shareholders who as of today have not received them.

Can Century Mining dictate who ComputerShare sends packages to if they are able to identify you as a non-supporter or supporter?

alberta74 said...

I received 2 packages (rsp and cash accts) and voted twice....

The first package came early in June, the second one just came on the 20th.

nino said...

Why am I getting a feeling that there is a game being played and the common shareholders (us) are getting continuously hit in the head with the ball from both teams?

Maybe the financials will be out Thurs. and no conference call, questions will be answered at AGM on Frid.

relic said...

I have not received my package.

bigjohn37 said...

Production05, your helpful work & comments for the common good are appreciated by all shareholders posting on this Blog, I am sure.
I can't imagine any shareholder wanting PK to stay on. Not even masochists! I have no explanation why only a relatively small number bothered to post their votes. Perhaps the Blog has a relatively small following?

Looking beyond the AGM, what are our options (if PK is not gone)?
[short of selling our shares at a huge loss!] How do we organize a shareholders' rebellion? Who is going to lead the charge? I'd certainly vote for you & Carib. What should be our action plan? Could we possibly get Scion on our side, and have them help us to unseat PK? Because nothink will change until PK is gone.