the main downpusher of this stock has been predictions of a poor NPAT next year.
Doubt this is true.
you forget >>1000 % dilution of equity in 12 months
They have disappointed "old " shareholders for the last 5 years "again and again"
the hype is over, because Shagang and friends own 70%
Another equity raising for Southdown is unavoidable
look at next years scrip ratio
No doubt Shagang and Sojitz will finance Southdown to protect their own interest, being a strategic investment for Shagang, but do you really believe they take care of the interest of the other (small) shareholders.
The last equity raising, 140% !! dillution at 50% !! discount shows more advantages to them then to the rest of the old and loyal shareholders, it was outragious, a kiss of death
Since this announcement its pulling a dead horse, nothing left of the so called " most undervalued stock of the last 5 years "
To my opinion there are many more alternatives to put your money in .
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- chalk it down bottom dweller 2010 the year.??
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