......It is now over a week since GMG announced the proposal for Macquarie Bank to provide a $300m debt facility with the right to receive 414m options over GMG securities at an exercise price of 30c with a two year term. The refinancing was $160m short of the amount originally announced, with GMG stating that it continued to be in discussions with other ‘strategic investors’ who may participate on the same basis as Macquarie Bank. Over the last week, no further announcement of new funding has been made by GMG and market sentiment towards GMG has deteriorated sharply......
The longer it takes to get the good news, the longer it takes for recovery. You have to understand, there are so many beaten down REITs at the moment, punters don't have to buy just GMG, so many to choose from, and I have to admit GPT is probably the safest of them all. Not comparing them to WDC and SGP. And with our XPJ has been rallying, if she continues to rally punter will always pick the strongest stock in the sector. They won't pick the one with most risk. We have reached $0.275 for the last two days and fail to hold, if on Monday somehow she becomes red again, (shouldn't coz the market sentiment is good from the Dow)maybe time to move on. $0.28 is the pivot point, if she can't go pass it by next Wednesday, I will pack my things. From day one, GMG to me is just a short term trade, bought her based on T/A, high volume very tradable. You can buy big and don't have to wait forever to get out, get it right, a few price movement is already big% gain and big bucks.
Good luck with your GMG Lohon, I hope you get your money back and then some. But don't forget, use stop loss. There are over 4000 companies listed on the ASX, you don't need to hold on to just one, $0.42(your avg.) if she(GMG) has been unfaithful to you once, chances are she may do it again. If she does, time to move on, and dump her.
GMG Price at posting:
22.7¢ Sentiment: None Disclosure: Held
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