MAG Silver (MVG) (MAG.to) management yet again says one thing and does another. For the sake of CAD$38,850 (the gross profit on the deal), the CFO at MAG Silver prefers to send yet another “we prefer to sell our own stock to you saps” signal to the market.
MAG Silver Corp. (MAG)
|As of August 27th, 2009|
|Filing Date||Transaction Date||Insider Name||Ownership Type||Securities||Nature of transaction||# or value acquired or disposed of||Unit Price|
|Aug 27/09||Aug 11/09||Hallam, Frank||Direct Ownership||Common Shares||10 – Disposition in the public market||-17,500||$5.220|
|Aug 27/09||Aug 11/09||Hallam, Frank||Direct Ownership||Common Shares||51 – Exercise of options||17,500||$3.000|
|Aug 27/09||Aug 11/09||Hallam, Frank||Direct Ownership||Options||51 – Exercise of options||-17,500||$3.000|
We also note in passing that CFO Frank Hallam prefers to ignore TSX directives and file his trades after the allotted time period of 10 trading days, just another example of the lack of respect shown to others by the people in charge of this directionless operation. So with another 438,000 or so options at $3,00 to dump on the market still left in his pocket, Hallam has plenty of ammunition to make money and further dilute the share base at the expense of the loyal retail sheep around him.
If it were only one or two occasions, then fair enough. But the insider selling has been non-stop all year as witnessed by these previous posts. Speaking of previous posts, back on December 4th 2008, just after the Fresnillo buyout offer came, your humble correspondent said the company was “dead meat” and according to my calculations the only documented case of resurrection in the last 2,000 years has not been added to by this company. Yet another example of how great rocks can be wasted by a mediocre, self-serving bunch in charge.