Maybe because they are/were afraid that they will never be in the money?
Actually for the people who bought the options "only 28%", could be a blessing in disguise, that is if one has the attitute to take quick profits at any time during an orchestrated rally!
The under writer holds 72% and will (I expect) do "almost anything" to keep the price up to be able to start to off load at an(y) appropriate opportunity.
The fact that the underwriter appears "close" (judging by its history) to GDN management, might not harm any new current option holders I guess.
I am expectung that initially there will not be too many options on offer as the under writer would likely prefer not to sell under 1ct and very few of the 28% would want to either.
In any case there will be a trading only oppertunity coming out of this as some some smart cookies will try to create a panic situation to buy for themselves, banking of course on the fact that the under writer might bail them out with a nice quick profit!
I will watch with interest as a quick nice profit is never wrong, even as in this case the company (in my books) has a certain reputation!
The hold sentiment is for the options only.
GDN Price at posting:
11.8¢ Sentiment: Hold Disclosure: Not Held
