Mercuria and their lack of timely approval may be the undoing of WMX. If they approve before the extension date I believe there will be no issue in getting good support from retail along with the instos who are already going to back the rights issue.
If Mercuria hold off then we are toast and our instos only have themselves to blame. You cannot tell me that the big boys on the register can't ensure this trades above $1.00 with a nice buffer to entice retail support for the rights issue. There is no support at the moment because we are trading below the rights price. We opened nicely this morning and then the SP was sold off on Micky mouse volume lower. C'mon instos show some strength on the register and stabalise the price action. It would not take alot of buying to push this up 10%.to 20%.
WMX Price at posting:
97.5¢ Sentiment: Buy Disclosure: Held
