re: Ann: Becoming a substantial holder- MMX b...
This explains the peculiar behaviour of the SP in recent days. I bought in at 1.195 thinking that it was pretty close to the bottom. My heart sank as the sp did today and then POP at the end of the day.
With regularity, the price would rise on good parcel buys and then whooosh....there would be a dump into one or two price levels below and the process would repeat.
MMX has has 435m shares out there, so DB now has some 21.75m of them. Considering the volume of past days, it explains a lot.
What I take from this is this: Deutsche Bank has bought in at levels not far below today's. They are content that this is a good entry price. So why shouldn't we little punters? Unless they are not yet done acquiring....hmmm. Any thoughts as to whether they have disclosed because of some 5% holding rule? If the ann came because of an ASX requirement, then there's no saying as to whether they are done buying in. If they want more, expect more of the same and the price will be held at or below 1.20
If they are finished, and if Korea doesn't explode overnight, we may well have seen the bottom. Let's face it, the sp slumped mainly due to the 6 month delay on Oakagee. As time passes, the project timeline again becomes a juicy factor. So I'm in. Contrary thoughts welcome, but I read this as a very good ann.
Cheers ST
MMX Price at posting:
$1.22 Sentiment: Buy Disclosure: Held
