speeding ticket - insiders at play?, page-8

with my luck...you maybe right but I hope not...2 points of interest in this article....quarterly next week and 30th May report on takeover bid!!...thoughts?...fingers crossed...but why no speeding ticket???confusing




INVESTORS have sparked a run on Elders shares.
This time instead of selling the stock down, share prices have risen sharply in brisk trade today.

The value of the company has jumped an amazing 27.27 per cent in early trade today on the back of almost three million trades.

There were signs of the return to favour for Elders on Friday with a million trades taking prices up 8.45 per cent.

Share prices rose to more than 10 cents, the best prices for a month.

It has been a topsy-turvy time for Elders on the ASX .

Only a week ago the instruction was "sell, sell, sell'' at the stock exchange, with more than nine million shares changing hands late last week in a run on the debt-troubled company.

The value of the company fell almost 18 per cent after frenzied trading, which prompted the ASX to issue a ``please explain'' notice.

Share prices were still depressed from late last year when Elders announced it was carving off its most profitable business, Elders Rural Services _ hit record lows below 6c in the sell-off.

The price hit a low of 5.8c after 3,354,615 trades were made.

Elders company secretary Peter Hastings told the ASX it was still considering its half-yearly reports, which would be presented on May 31.

Mr Hastings said he did not know of any other reason, other than the publicly announced sales of its assets, for the plunge.

Investors expect those half-yearly reports will make for dire reading after Elders warned in March of poor trading conditions due to a lack of rain.

Elders chief executive Malcolm Jackman pointed to a loss when half-yearly reports were released.

The long dry has meant demand for farm supplies is down 10 per cent on the same time last year.

Livestock commissions were also down 28 per cent against the same time last year because of big falls in cattle and sheep prices.

Elders financial planning chief executive Helen Lorigan has reportedly said the sale process "is proceeding well''.

The Australian Competition and Consumer Commission is due to report on Ruralco's proposed takeover of Elders Rural Services on May 30