Wow, there does indeed see to be something rotten at WGX. Though... the recent announcements were hardly glowing! Production downgrade... loss of man hours. $100m raised... hmm.
I guess some of the owners of the $100m (well.. probably $95m after costs) shares, are finally realising they might have not got the 'bargain' they believed they were getting at $2.10 per share. If I can be a little blunt, the lower the share price falls, the better valued GCY will garner if they lob an offer our way. Pretty sure the $33m in cash GCY holds is getting more tempting by the day.
I think the SP is going to go lower, though I can see why some T/A would look at this being a good opportunity to grab shares at lows.
We will see of course. Good luck to all holders. As honestly, it would seem luck is about all that is left to save WGX from a continued fall from grace.. wait, I am not sure I can even say that, just a fall....
WGX Price at posting:
$1.58 Sentiment: Hold Disclosure: Held
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