Very interesting day in Aus yesterday, definitely fluctuated strongly but good to see it above the listing price again.
For those who don't know GCM you should have a look http://www.advfn.com/cmn/chrt/chrt_wrap.php?epic=GCM&period=6.
It has had an even more interesting couple of weeks then Caledon. Polo holds a 29.7% stake in them with a relatiely low average of around 1.20p (guesstimate) and in Mid May they indicated that they were in discussion about a possible cash offer for GCM for 175p/share.
Since then in particular over the last week GCM has risen to 301p/share and today had massive volume and today reached a high of 360p share (no typo 20% off movement) so very similar to CCD but for different reasons I would think.
NOt sure if Polo would be interested in cashing in these shares or not, probably not just yet, however there stake is currently worth £46 mil and with there £60 or so mil in Cash have plenty of more money to spend.
If they make a "possible cash offer" for CCD, the Minyango results come out and the 100ktonne/mth figure is reached (or almost is) we could be seeing similar movements here in the near future also.
Anyway, enough of my daily ramp.
Bob
CCD Price at posting:
0.0¢ Sentiment: None Disclosure: Held
