I think you will find it is the 5% rule.
I own this stock and I received the explanation of what they have to do to get rid of that 5% rules and turn it into a modern company. It is a long and involved process involving passage of legislation in NSW as well as New Zealand, and the altering of regulations in other jurisdictions to prevent Stamp Duty payments, etc. It is very involved and will take time.
In my view whether or not these go through is a risk and so the stock is down. BUT when it has all been finalized, which I have no doubt it will be (but remember there is a risk it will not) then the stock will bounce up. If STO is any guide, I am guessing from 30-50%. It is a very good buy - and it pays a dividend.
Regards
Desmond
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Last
$11.47 |
Change
-0.270(2.30%) |
Mkt cap ! $7.716B | |||
| Open | High | Low | Value | Volume |
| $11.64 | $11.67 | $11.45 | $26.40M | 2.290M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 200 | $11.46 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $11.47 | 7447 | 1 |
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| Last trade - 16.10pm 18/10/2024 (20 minute delay) ? |
| AGL (ASX) Chart |