hey cribbo - FP selling AXT below asset backing (cash & pantheon shares) was THE buy signal... ;)
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ARGO EXPLORATION CASH BACKING = 7.0 cents per share.
cash $2,100,000 PANR.L $3,690,280 (7,000,000 x .32p @ aud/pound exchange rate .607) total $5,790,280
shares 82,800,000
per share $0.070
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the downside was so small in the 4 cent range it was ridiculous. even from 11.5c the downside is still small since asset backing is 7c!
Xstrata on board hahahahaha. GOLD! not even i would have imagined that was the play. HAHAHAHAHAHAHA.
very late announcement today.... like someone said, this could be pumped for weeks now. more than 5 million shares traded in very short time this afternoon. expect tomorrow to be more of the same as the news gets out.
only 82.8 million shares on issue ensures imo this could go anywhere, including to previous highs... circa 60c-70c. but first target, IPO listing price & may 08 highs, circa 30c.
AXT Price at posting:
11.5¢ Sentiment: None Disclosure: Held
