Look at yesterday's trades, there was a single $2m on market purchase.
It seems to me that neither the sharp fall in oil price/oil price outlook nor the year's AUD fall (~ 13% down) have been efficiently priced into the earnings forecasts implied by current prices.
Directors held the view $4.75/share significantly undervalued the business and I very much agree with them.
Ann: Change of Director's Interest (Dodd), page-8
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