The share price moved on the result of the vote announcement.
If it is speculation buying I don't think it was retail doing the initial buying. Retail in situations like this normally take the lead from insiders or large broker speculators. They may have joined the rush now.
I actually hope this time around it is done properly without leaked media reports leading to share spikes and halts in trading. The last time around the confidentiality leak was a disgrace that should have attracted some form of ASIC investigation.
Under my theory of events Hawkes Point are being sidelined and we are looking at an asset sale.
RRL have $206.7 million in cash and bullion and could bite CMM off under my scenerio for $85 million cash however their share price is nicely up at the moment so you'd think they might want to take advantage of that so the deal might involve a more complicated combination of script and cash that will be returned to CMM shareholders in the form of an in species distribution of cash and shares.
A deal like this would envolve a moderate amount of legal shenanigans which would take a bit of time to bed down, especially if the deal itself was not fully formulated before the spill vote.
My theory is that an in principle gentelman's agreement had been struck (do these things even exist anymore....you know the sort of agreements that used to happen at places like the Weld Club in Perth where handshake deals would be struck sitting in those leather wingbacked chairs between the the draped haze of cuban cigar smoke) and now some of the details are being thrashed out, ie the deal is becoming real and the size of RRL's cojones have been put on full display to help final negotiations along (in their favour). The new director's (ie the raiders) will be a bit put out by this hairy display but eventually they are not interested in maximising our returns, they are only interested in leveraging off the current shareholder suppport and using the Hawkes Point side step to make themselves a quick buck in a fire sale.
(20min delay)
