most 'advisors' are recommending to hold on to remaining shares
It would appear that most advisers are wrong. GNC today hit a new two year low, and dropped out of its trading range since the big announcement.
There could be many reason for this, I certainly don't know, but I do know that holding losers never seems to be good.
In the light of that and the decision not to sell GNC to ADM, it is interesting that last Thursday a middle eastern group settled on $40m worth of cropping land in northern NSW. They bought up a number of properties, big and small, and all settled on the same day. They tried to buy more but some famers have resisted, although with the current drought taking a severe toll, some might yet be tempted. That's if the arabs are still buying. At least one of the larger properties had been in the same family for fifty years. They tried to sell locally, but were unsuccessful.
There is some speculation that the buyers will basically gut the interior of the properties and farm them as one big paddock. In the name of efficiency and cost cutting. The way of the future it seems, in high-cost Australia.
GNC Price at posting:
$7.82 Sentiment: None Disclosure: Not Held
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