Foster seem to be cashing out their option holding before the JV announcement. They are still holding 1m, I hope we don't have to wait for them to exercise those before the announcement.
We don't know for sure if they are selling these shares, but there would seem to be no other reason to convert them given their long life. ??
Possibly they are just being opportunistic, getting a good price & taking away the risk of either no JV or announcement not up to expectations. I'd put the risk of no JV at under 1%, however we just don't know the detail or how much Alcoa will keep under wraps.
FYI Price at posting:
83.0¢ Sentiment: Buy Disclosure: Held
