Obviously not too many holders here on HC judging by the lack of discussion.
I bought in last week when ALB came out of suspension and am already well under water. This doesn't concern me atm as I believe they will prove to be a top pick medium term, from those resource companies that have been smashed recently.
What I am interested to know is who is the large seller. Anyone with ideas on this? The selling started in earnest last Thursday and has gathered steam since. Imo it is obviously one very aggressive and perhaps desperate seller.
The gapping down and "hanging offers" at times takes the breath away. Whoever this is is clearly taking a substantial loss.
Imo the selling is more about the seller themselves than about ALB. ALB clearly have the support of Jinchuan, who would have access to more info than most, and having reduced their debt, presumably have given their debtholders some comfort.
I'm not phased by the review. No doubt it will consider where their operating cost will be vis a vis the nickel price. At the end of the day, if they risk running short of cash they will mothball the operation. I don't think this will happen, but it's an option to protect shareholders, and gives the lie imho to mischievious postings about administration.
So who could the seller be? We may be put out of our misery soon when a substantial shareholder notice is lodged. However, if it is my favourite candidate (CBA) that won't happen as they recently announced they had sold down to 4.9% (how convenient).
They still held 8m at that time, but if it is them, they cannot have many left, judging by the action since Thursday.
Nice to see a couple of large (1m) bids today.
I believe we'll see alot of short covering in base metals soon and ALB well north of 50c. Top buying atm imo.
cosmos
ALB Price at posting:
6.7¢ Sentiment: Buy Disclosure: Held
