A well respected activist investor buys a 10% stake at 40-50c. Gets board representation and an inside look at the company. Nearly immediately after getting that inside look, he very aggressively sells down his position, likely at a loss.
For Alta Fox to do this, suggests something is irreparably wrong and the value of the business is far below it's current price.
Nearly certain they will sell down their remaining holding ASAP and he will resign from the board.
There actually is $90m of debt in this business and even though there's $80m of "cash", my senses tell me there's a high probability something isn't right and this rides it's way down to 0.
Another Brisbane special.
EML Price at posting:
44.5¢ Sentiment: Sell Disclosure: Not Held
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(20min delay)