I was surprised at how smashed MRE got today- far more smashed than equivalent resource stocks, I thought. Maybe the market is punishing MRE for losing its MD, and we still don't know if the MD will be going to Glencore... many unknowns. I read in the AFR that an analyst said it would be unlikely that MRE would be takwen over by Glencore, as Glencore already have arrangements with MRE, and why would Glencore pay a premium for the share it doesn't already own?
I bought MRE back in about July of 2010, at 74c prior to the capital return, and the SP is almost back to that now... it's just hard to know why- even with the very red day on the Ords- it just seems overdone. Hopefully a new MD will sort the SP.
MRE Price at posting:
77.0¢ Sentiment: None Disclosure: Not Held
