I don't know, but I think the 2.5M shares were a hangover from Comsec's removal of NFL from margin loans. A disposal sale. I saw a similar situaton for TEY when Opes went under. At least they (whoever) held by selling at 5c. Anyone forced selling would have been selling into the 4s.
If NFL are looking for money, they are definately ready to start refining biodiesel. I like the fact the AGM resolutions will still allow NFL the option to create up to 15% new shares if they want to take advantage of any growth opportunities (i.e. buy back NFAL from administrator at a bargain price).
Prior to the latest market turmoil, NFL was trading at 10-12c. With the promise of possible good news ahead, any buyers will have to decide whether to buy before or after actual news. It is quite possible the sell side will get cleared to at least 10c in the lead up to the AGM. A good news announcement might even push it higher.
The new subscribtion investors should get a reasonable stag profit for their investment effort since NFL will be transformed from a Biodiesel disaster to a low cost curve refiner with good growth potential.
It will be interesting to see whether the market anticipates this or takes time to realise.
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