It looks like EFE is going to be very tightly held. There will not be very many free shares. PTS hold over 45%. My estimate is that another 10-25% will be 'a long term hold'.
So where does that leave early trading in EFE?
Possibly small volumes and higher prices.
My guess is smaller volumes than expected and at this stage relatively minor price moves.
The real action will be in 2 to 3 months time when the first drilling results come in.
I think PTS have done a great job in getting this float away in this small window of recovering share markets. It is now up to EFE to get some runs on the board with the cash they have raised.
To me the key will be the metalurgical test work.
PTS Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
