Amnek,
FY '09 = Financial Year 2009, not Full Year 2009. This is the same as quoting 08/09 financial year. They are exactly the same thing. That is why it is best to speak to a professional adviser (i.e. your stockbroker) before making a decision to buy/sell on the back of that. Lol. Don't worry too much about that.
As for stock performance, A$10mil in the short term is +ve, however I believe investors were hoping for more. The thing that irked me was the granting of free options (30 million free options) that are pretty much at the money. Normally when you grant that amount of options, you need to do so at a premium to the market (e.g. $0.65+). That way, it shows investors that you believe in the company. The lack of premium is a slight let down.
That said, management deserves some form of recognition for turning this company into something decent.
I did order some party hats, bagfuls of party poppers & lots of champagne on the back of 20500's comments last week. Thank goodness I kept the receipts for the 10 cartons of champagne. Looks like Dan Murphy's is going to get some champagne back. :)
Anyway, this is a game of patience now. I believe the insto. selling (Soverign & Questor etc.) may still be in the market. No one knows their motivation. They may be trading ETC in the short term. They may have mandates up for renewal. They may have certain strategies in place to take profits and wind down positions once it hits a certain price level. These are all possibilites. What we do know is they are not like the long only fundies (investors mutual & perpetual etc.) It is just too hard to speculate what their motives are.
Hopefully what 20500 said about a major deal comes true in the short term. If that is the case, then I can start popping my party poppers! :)
(BTW, 20500, keep up the postings. I appreciate your comments and look forward to your posts)
Happy Investing.
ETC
entertainment media & telecoms corporation limited
