The notice says J.M. Financial Group has lifted its stake in IME to 14.03% with a total 6.39 million shares from the previous notice of 12.99% stake with 5.52 million shares.
J.M. Fin. Said it lifted its stake through 52 on-market purchases from Nov. 23.
i hope the filing of the notice doesn't mean that this large shareholder will no longer be standing in the market bidding for shares.
IME is always lightly traded so a major buyer stepping away from the market will take away a major source of demand for IME shares.
i don't have access to the figures but it's possible J.M. Fin. At times has been the only buyer standing in the market for long periods.
i haven't noticed any significant retail demand for IME stock. Demand as measured by the bid stack has always been lackluster, weak or barely present.
known thin trading volumes could soften further.
BUT WAIT, it isn't all greater uncertainty for IME.
a major shareholder lifting its stake is generally regarded as a positive.
perhaps we're in for a decent quarterly.
IME Price at posting:
43.5¢ Sentiment: Hold Disclosure: Held
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