With Brett Smith leading MLX and also a director of APAC Resources this announcement is not that dissimilar to a change of director interest notice as they have insider knowledge therefore as I understand it are likely limited to buying within small windows whereby they believe the market is fully informed of anything material.
If free cash flow this quarter is anything near where we are all thinking I suspect they wanted to accumulate as much as possible before they release the quarterly and not to close as to be questioned on insider knowledge.
So APAC is at the 20% limit, is one of the exceptions to exceeding this limit an acquisition of another major shareholder, is there a chance APAC based in Hong Kong could acquire Old Peak which I believe are also based in Hong Kong . I don't know how big Old Peak is nor whether this is within the capability of APAC but a way for them to own a massive piece of MLX.... Just throwing things around whilst we enjoy the ride and look forward to the next bit of news.
MLX Price at posting:
36.0¢ Sentiment: Buy Disclosure: Held
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