Capt. Blackadder: You see, there was a tiny flaw in the plan
Private Baldrick: What was that, sir?
Capt. Blackadder: It was bollocks.Blackadder Goes Forth
It’s been fun to watch the reaction to the decision by Tequila expert and part-time miner, Brendan Cahill, to float his company on the NYSE. When the news hit on the morning of Monday September 8th, those in on Friday at under CAD$5 must have felt happy and the stock moved up sharply. The TSX was as one voice:
“Oh, just wait until our friends in the United States see the opportunity of investment here in a silver miner! Oh gosh, they will love this!”
That’s 31.9% down in 12 trading days. For people who can actually read and understand financials, do DD and check past performances compared to guidance (i.e. Wall St. analysts) the arrival of the EXN deck on their desks must have felt like somebody walking in with stacks of one hundred dollar bills, asking “Hi…errr, excuse me…would anybody here like a few of these?” EXN was so obvious a short that it hurts the brain, I mean even Eric Covidiot Sprott managed to learn his lesson on this one and after flushing tens of millions of his money down the toilet on its 2016 cycles of fun, decided not to participate this time when Cahill came round with the hat, asking for spare change.