Folks.
IMO we have what I'll call, "a rare window of gold".
If anyone wants to take advantage of it, you'll need to be quick though. It could only last 10 days.
Here's how I see it.
Over the past couple of weeks, our unbelievable Poland gas deal with its independently assessed 42% COS, has been gaining the attention of the broader market.Only problem is, it's been during the same time that shareholders with the option to buy around 165,000,000 rights shares at 1.8c, have been considering whether or not to do so.
Now for the ones who've simply sent off their cheque, that's fine. In this day and age though, money is a little tighter than it used to be so for all the rest who didn't have a spare '$10,000' lying around, they were faced with another tempting choice.
As the share price went higher (2.5c), it was pretty obvious that some who'd decided NOT to take up their new shares, had done the numbers and thought well why not sell the '500,000' I've been offered at 2.5c and then apply for my full allocation at 1.8c. Nice little $3,500 gift for doing nothing.
Ok, so why the window?
Well, the underwritten rights issue closes on Friday. To follow that tempting choice which has suppressed the share price and have cleared funds to be able to BPAY to get your allocation, you'd have needed to sell yesterday....at the latest.
And here's the kicker.
Shareholders and underwriter won't get the rights stock until the 11th October. Let me say that again....11th October!
That means for the next 10 days, we've still got the same current minuscule tradable stock on issue (~330 mill), and no "handbrake selling" from the underwriter dumping or existing rights chasers, as it goes higher.
Throw all that in with the 20% retrace we've seen to 2.1c, and IMO we now have an incredible trading opportunity.
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Open | High | Low | Value | Volume |
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Buyers (Bids)
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26 | 6529943 | 0.005 |
8 | 4652500 | 0.004 |
3 | 3816666 | 0.003 |
4 | 7200000 | 0.002 |
Price($) | Vol. | No. |
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