Just for those who did NOT Notice. That buy that just happened at about 12:02...
Was about A$100000 Just under 200000 shares that wiped it to 56.5c.
Not huge but significant for a stock of ELMs size.. can wipe out two lines easily.
The action should really be happening at north of 60c... I re-phrase from the annoucement that offer:
"is not conditional upon finance, Chinese regulatory or Foreign Investment Review Board approvals."
What interests me is that MD Iain McPherson did NOT agree with the takeover in its current form, despite the chairman and rest of the board agreeing. Am I jumping the gun by hyposising that the MD agrees with the rest of ELMs shareholders- like ourselves- that 66c is too cheap??
Some grassroots for more corporate activity in next 3 months?
Regardless for now my point is 56 /66c = 84 % A 16% discount to the qualified formal approved takeover Proposal is too great. Might check the bank myself... the inevitable rise to the 60s is a 7- 16% profit on current prices.
technicals are catching up and upper bands will be 56c tomorrow... time is running out if one was to argue sp will make a technical pullback. Holders hang onto your shares, 66c is assured and even the next few days and next week will be interesting as we watch if it rides up the band to 60-66c... and all good for those who manage to grab some at these prices.
K2P Price at posting:
56.0¢ Sentiment: Buy Disclosure: Held
