Pretium could disclose what happened to their VP Operations

(*I don’t think that this is material to the Pretium thesis.)

On Nov 11, 2017, Pretium issued a press release announcing the promotion of David (Dave) Prins to Vice President, Operations (EDGAR, Marketwired).  Roughly a month later (sometime around Dec 19, 2017) Pretium decided to remove that press release from their website.  The website has a job posting dated a few days later (Dec 22, 2017) for an operations vice-president for Pretium that would start “as soon as possible”.

Is David Prins being demoted?  Was he fired?  Why is he being removed from his position?  If it’s material, Pretium should disclose instead of trying to rewrite history by deleting webpages from the company website.  (Granted, I don’t think that this is a big deal relative to Pretium’s other disclosure issues such as the monthly production reports to some but not all shareholders, Strathcona’s reasons for resigning, etc.)

EDIT (1/8/2018): So I think this is the answer… on Dec. 19, 2017, the Pretium management page changed Prins’ title from “Vice President, Operations” back to “Project Director, Brucejack Mine”.

Continue reading


CNIT’s market cap jumped to $81M

For those of you interested in Chinese reverse mergers… CNIT’s share price jumped by around two-thirds today.

Back in 2013 and 2015, I wrote about the company.  In 2015, CNIT bought a company called Biznest.  Apparently they did not own Biznest already… despite CNIT email addresses showing up on Biznest’s domain registration and despite having the CNIT logo on Biznest’s website.

*Disclosure:  I am short CNIT.