Someone wanted out today, and it had to be done by the close. A minute from close they tossed their last 200k down, cutting their sell from 7.5c to 7c or anything they could get, as long as they were out. I think they must have bought some gold stocks and needed the cash.
Amalisia corp is lending $28 odd million at 10c for the acquisition of Ofpay, so she is now paying 39% above the current price of 7.2c, I wonder how they feel about that. Might be worth a call to Ross, just to get the goss.
Would like to know who was selling, and not just a nominee name, but the actual share owner.
Interesting times ahead, like I said, not sure where this will end up, but probably listed on a foreign exchange in the distant future, maybe Singapore or HK, but who knows.
If the books can be believed, Ofpay made an NPAT of around $6 million last FY, not bad, but any profits after the acquisition will only be used to pay back Amalisia's group, and interest. And there is far too many shares anyway, something like 1.3 billion, but most are escrowed, and Amalisia's group will own about 35%
They will eventually get the message though, surely the management of NNW aren't that thick, they should be able to see quite clearly that Aussie institutions and funds will not invest in these type of foreign stocks and entities, it's a fools errand, no matter how good the stock and management may be.
It's about time they listed in Hong Kong - so come on NNW management, get this out of here and into a culture that appreciates it before it's damaged irreparably.
Gw
NNW Price at posting:
7.2¢ Sentiment: Buy Disclosure: Held
