daytrades april 1 afternoon, page-67

OVR: I'll stick my neck out and say corporate activity is going on. 12m shares traded in the past 6 weeks, coming largely from the one source judging by the repetitive nature of the orders and no change of substantial shareholder notice. Nor is there any short sold stock according to the ASX reports. There are two possible alternatives here:

1. Glencore and Macquarie are working together to keep a lid on the price in the lead up to a potential takeover at a bargain basement price.

2. Glencore are working alone to keep a lid on the price prior to attempting a buy out.

There is one problem with this and that is that 3rd parties are starting to recognise value in the stock (5 cents per share in cash) plus the Andrews deposit which is worth around $100m or 66cps discounted according to my rough calculations). Therefore at 7.5 cents valuation these big holders are starting to lose stock to investors who recognise value and will need to declare their hand soon.

Judging by volume things are about to come to a head and I believe shareholders will finally have a reason to smile.