Wega started with 25,557,646 shares
They sold it down to 20,355,146 shares at Jun 19'08
RBC sales from Jun 19'08 to Jul 2'08 seemed slow, so let's assumed it only moved their balance down to 20,000,000 shares even
I don't have a breakdown of today's 5,300,500 shares traded as yet, but let's blindly assumed that 4,000,000 of those were from RBC/Wega (until we get better info)
It would then mean that Wega's position is now down to 16,000,000 shares (63% of their original position)
Now, here is something else to thing about. Canaccord burst onto the scene at the beginning of the Jun 9'08 week, and RBC for the most part disappeared into the background (until today of course). From Jun 9'08 to Jul 2'08 (prior to today) there were probably 13M shares traded, with RBC only playing a minimal role. Of the 13M shares (during that time period), my guess is that Canaccord sold the majority of those shares. I wouldn't be surprised if Canaccord sold 7 - 10M shares during that specific period.
The question is who sold those 7-10M shares through Canaccord? It doesn't appear to be either Scion or the other major shareholder (the one that joined Century via the Sept'07 financing). Also, Scion hasn't filed anything on insider reports during this period. Wega appears to be the only remaining Century shareholder with this type of share count position.
So, is Wega the seller of those 7-10M Canaccord sales? It sure looks like it. If so, then how are they bypassing/delaying filing requirements? One person made the suggestion to me that they could be borrowing through Canaccord to short the stock (the shares wouldn't belong to them so they wouldn't have to update insider reports, unlike their RBC sales). At the end of the process they wouldn't have to buy back the Canaccord shares on the open market for repayment because they already have plenty of replacement shares. Again, at the end of the process, Wega can just give back the borrowed shares to Canaccord (from their own pocket) and at that point they can update the insider transactions report (long after the actual sale took place on the market).
Anyway, I really have no idea who is behind the Canaccord sales.
However, if it happens to be Wega, then it might be possible that the true Wega share count position is not 16,000,000, but rather maybe in the 6,000,000 to 9,000,000 range.
Though, we should probably stick to the 16,000,000, as we have no firm info to confirm otherwise.
7 comments:
Or it could be canaccord was shorting it knowing what was coming. (nothing to do with Wega at all, Wega usually lays back when someone else is selling.)
Nino, you make a good point.
Actually, I think we are getting closer to understanding the tactics being employed between all of these extremely selfish and vindictive people. There is a war game being played here and unfortunately you, I and the rest of the long suffering Century shareholders are simply viewed by these people as collateral damage.
Here is some info/tendencies we are aware of:
*Wega didn't sell below $.11 (prior to today)
*Wega was a major contributor in driving the share price down from $.34 to $.11
*Canaccord began heavy selling effective start of week of Jun 9'08, and have since pushed the price below $.11
*Canaccord is generally known (to us) as being Century's broker
*Century was/is actively trying to line up buyers to eat the Wega shares on the open market
Could all of the activities over the past 3-4 weeks been orchestrated by Margaret Kent and Canaccord to get us to this point?
You know, collapse the share price, collapse the operation (Lamaque), prolong the close/issue dates of financials and critical loan fundings into the future - get the situation to the point where it is so unbearable that even Wega will just throw in the towel, and dump the remainder of their shares at any price.
It honestly looks like they have all been playing a GAME OF CHICKEN with our investment - to see who gives in first.
Based on today, it looks like Wega took the bite, as they finally started dumping massively under $.11.
Under this theory, Canaccord makes a killing on the $.06 they can now pick up to replenish the shares they sold between $.15 and $.09 (they have also been replacing on the way down, to not carry a massive shortfall).
I don't know how much if any of this is reality.
All I can say is this is not how I would like my investment to be managed.
Production, I've been out all day and only just now was able to post today's trades.
I think your previous theory about Wega using Canaccord to short CMM is much more likely than Canaccord the brokerage shorting the stock at higher prices to get cheaper Wega stock. While RBC/Wega sold more than 3 million shares today, Canaccord was still a net seller, but barely.
In the past month Canaccord has sold 6,571,000 shares and bought 3,730,000 shares. It seems more likely that Canaccord the brokerage or a Canaccord client was buying the shares being shorted by Wega or sold by someone else.
If Canaccord the brokerage was shorting, today was surely a good day to cover.
Today's action is more evidence of the BS and lies that PK fed us in the June 25 NR when she said that (Wega) has declined to work with management to move its block of stock. If there really was anyone interested in buying Wega's shares at 9 to 10 cents, they should have been buying millions of shares today in the 6 to 7 cent range.
No one is willing to work with PK on any transaction. The share price would quickly reverse on news of her resignation.
Thanks very much Carib! It worked perfectly.
Just remember who we are invested with. If you knew that lamaque was shutting down, which way do you think the share price would go?
We will know when there is good news coming.
Carib, the market gobbled up the Wega shares today. Who was buying the shares, and why?
When the MCTO is removed will the CMM insiders demonstrate their confidence in CMM and buy some dirt cheap shares? It won't cost much to buy them:
1,000,000 sh @ .06 = $60,000
20,000,000 sh @ .06 = $1,200,000
There could very well be a strategy to get Wega to blow out their shares. Canaccord is advising CMM.
There's not much chance that PK will resign in the immediate future. When will Wega realize that ... check out what they did at Tagish Lake (TLG). They're twisted - how did PK find them?
I look forward to heated exchanges between PK and angry shareholders during the conference call, particularly questions from shareholders about her plans to resign from Chairman or CEO or both.
Anyone heard when the CC is to take place?
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