Ann: Trading Halt, page-22

Morning Guys,

It's always an interesting game, guessing how the SP will react on such news and especially after a TH.

I think the strong move in the SP yesterday forced ADT's hand in calling for TH, and rightly so. Perhaps as the report is close to being finalised (or is, and is now just waiting for BoD sign off) more and more associates have seen the numbers and the SP started to move a bit as some couldn't resist front running this news.

Conversely, with the PFS being released, ADT will start to enter the Orphan Phase whereby the SP typically drifts until the Company becomes a producer (e.g. WAF).

However, in ADT's case there is a lot of exploration upside that could potentially negate the Orphan Phase along with possible M&A, which in turn often occurs post-PFS.

Regardless, unless you're a trader this is one to hold for the LT.

Nice to see Silver (in particular) being such a beneficiary of the Technology wave:



Cheers
John