From IKN374, out last Sunday
Dalradian
Resources (DNA.to): Sprott selling
There were several interesting
SEDAR filings on Friday and we’ve already mentioned a couple of them above.
Here we note that according to its July 8th filing (24) Sprott as at June 30th has
disposed of 4,423,240 shares and 518,478 warrants of DNA. This moves the total Sprott holding in DNA to
15,587,171 shares and 5,763,750 warrants, which is 9.6% of fully diluted
shares. That’s 2.3% less than its last filing and the reason for the threshold
trigger filings. We hear it’s the Toronto end of Sprott that’s doing the
selling and we hear it’s because they don’t trust the mining widths in the
plan.
Although I closed my personal
position in DNA.to a while back for a pleasant sized win, these pages called
Sell on DNA.to in IKN372, the weekend after Brexit, due to the heightened
political risk of operating in Northern Ireland. As this chart shows, since
then the stock has basically flatlined (and held stubbornly to the CAD$1
level), which is a clear underperformance compared to the market for PM stocks.
