On re-reading the announcement from this morning, I am sure that the board really believed this would go through. Hence no need to request a trading halt. When they requested a trading halt in the afternoon, they had a whiff that something is amiss. Instead of blaming the board, maybe some deception (me the cynic thinks that) took place on the Telus side.
In most of the take overs I have seen, the SP jumps straight to the announced t/o price. Today, the SP should have moved straight to $9.50 and not stayed 120 cents below it. I thought this odd (especially that this was a cash offer and had board recommendation - albeit tempered by the usual caveats).
I think, that the SP did not reach $9.50 despite APX being one of the top 10 shorted stocks predicated the revocation: Some people must have known something at some time before others.
Ann: Trading Halt, page-66
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Last
50.0¢ |
Change
-0.020(3.85%) |
Mkt cap ! $111.5M | |||
| Open | High | Low | Value | Volume |
| 52.5¢ | 54.5¢ | 50.0¢ | $1.002M | 1.931M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 12 | 209254 | 50.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 51.0¢ | 1630 | 1 |
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| Last trade - 16.10pm 17/07/2024 (20 minute delay) ? |
| APX (ASX) Chart |