Agree Fatporka, director buying today is a strong indication the market has been informed of everything that could be deemed price sensitive. So I'm going to have to eat my words from my last post and follow the view of others that whilst a takeover is likely it is likely to be down the track a bit.
After watching the Exxaro Webcast link (thanks wilburinthewild) I wonder whether they are holding back making any formal move on JMS until they know if Glencore/South32 are going to exercise their preempt or not. If I've understood it correctly Exxaro's cash consideration on the transaction could be as low as $9b ZAR if Glencore/South32 preempt but as high as $14.6b ZAR if they don't, therefore if Exxaro plan to maintain their dividend and buy-back as they indicated and the cash consideration of the transaction is the high end they wouldn't have sufficient cash to pursue JMS immediately however if they preempt, then Exxaro would still have sufficient cash to pursue JMS. They stated Glencore/South32 have 30 days to decide if they will preempt or not so I'm now thinking that might be the catalyst for any move on JMS and has left the window open for JMS directors buying on market.
We might just see our SP spike if Exxaro announce they have exercised their preempt right.
JMS Price at posting:
18.0¢ Sentiment: Buy Disclosure: Held
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