I always find it interesting attempting to understand whether the market has oversold a company after a profit downgrade.
IIN is a classic case study.
However, of interest is that during the profit announcement some weeks back, two trade players, PWT and AMM emerged with stakes of ~10% and ~20% respectively - just to make things interesting.
However, the stock continued to tank some ~65% on the back of selling by all incumbent fund managers.
Did AMM make a solicited informal takeover for INN, that the Board (directors own ~16%) rejected, who in turn chose to make a friendly placement to PWT some weeks later – looks like this is sought of plausible from a distance???
Where to from here?
I suspect there will 2-mths of "negotiations" with both parties and the Board, and then substantial shareholder value may will be restored, most likely through a corporate action of some form...???
Anyone else got a theory on this basket in play?
IIN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
