Wonder if this announcement is partially to get some action going price wise to potentially thwart or notch up any takeover attempt, as has been rumoured in the press.
I know the intersection they headlined is a great bit of news, but would they have normally made such an announcement unless they wanted to boost the SP?
I guess it has been in streeters interest to keep the price as low as possible whilst the court action played out, and may still potentially be the case if an appeal is continuing, and the other directors may know this, but not sure of what the machinations are here. AFAIK, streeters stock deemed as compensation (10mil shares from memory) has already changed hands.
In any case looks like they wish to get the whip out for the new year. I do agree with the doubtful outlook for Ni further price improvement from here in the near term, as LME stocks soaring, pig nickle cap, AUD likely to get stronger against USD etc. But with Japan showing signs of life, and global economies recovering in general, consumers may begin to demand the quality of stainless products again, and good stainless at that, rather than some of the substitutes.
Boat builds could be one sector that consumes stainless to be in recovery soon. Also, with westernisation of new frontiers like China, stainless steel cutlery and kitchen/laundry sinks have a greenfield market.
WSA Price at posting:
$5.54 Sentiment: None Disclosure: Held
