MAN recorded the 5th largest drop in trading today (25/8). Turnover on ASX (excl. CHI-X) was 8.86M shares.
From 3.45pm on 23/8 to the end of trading today (25/8), the company is now down 22.8%,
Simple facts.
People don't sell on good news.
They sold on a combination of no news (no announcement) and the result of the announcement that came out today. Investors didn't like what they read and sold out.
All Jimmy has done today is say the agreement is delayed for a month (for the 2nd time) with no date. We're going to have this same jittery trading some time around 24/9 playing the Jimmy waiting game trying to guess when the announcement will arrive.
Jimmy has been out of his depth at Newleyine with four holes in 12 months. His annual announcements keep saying "we'll drill Berinka" and he's failed to deliver. He hasn't bought a single share on-market. His board of mates fill their pockets with options. His has no 'runs on the board' with any exploration finds. He runs his own on-line auction company selling used mining equipment. He's on the board of other companies.
He needs to go.
MAN Price at posting:
4.4¢ Sentiment: Hold Disclosure: Held
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