Hello All,
Indeed it has been a while since a bump like yesterdays. Been enjoying the summer? Me too.
I thought I would just probe a bit into other non-bump related issues.
I took a look at the insider trading over the last wee bit and noticed some familiar names buying (Lorie, Paul, Joseph, Gregory, Wes, Keith). Those were not recent purchases per se (the last bunch being in May) - but still, no targeted selling. That's good for the NOT long morale.
I then noticed a bit further back (March 1st), the filing that Penguin Automated Systems purchased 40000 shares. Further back they were given 500000 options in October, 2009. Sorry if this was discussed a bit back - I don't keep up to date on all writings here. A quick search identifies them as a solutions provider for telerobotics in mining and other fields. Their client list is available at http://www.penguinasi.com/industrial/index.php/our-clients but I'll save you the time. Rio, Vale, Kinross, Barrick, and Ontario Government are but a few. Noront isn't mentioned. Paul Semple is a founder of Penguin, a company he created after working with SNC Lavelin. Paul Semple is our current COO. Paul has 545,000 shares. In the MD&A just released, Penguin is commented only on page 7 - for being contracted to perform Eagle's Nest technical work - mining studies. This is why they're insider trading then. Nothing more.
Issues that interest me.
1) What, if anything, is Penguin Automated Systems doing for Noront? What are "mining studies"?
2) Is this just another way for Paul to line his pockets? Issue options to his company that is contracted out to perform "mining studies" - and then cash in on those options once the "mining studies" have been completed.
3) How come other companies contracted out - SNC Lavelin, Golder, Micon, Aecom for other Eagle's nest technical work have not bought in? Do they have policies in place where they do not accept options/stocks for work? Whereas the smaller Penguin does have the flexibility to receive remuneration in option/cash formats?
4) On an optimistic note/statement to balance my negative views above - Penguin does have a big name client list, which means Paul has a big name client list, which means big clients most likely know NOT -
So what to think about Penguin Automated Systems, Paul, and NOT?
Happy Friday.
WW
