Is it not possible that one or more parties are using existing trading around 4.7/4.8 cents to build a decent holding ahead of a counter-offer? Could they not accumulate alone under the 5% threshold with an 'informal' agreement to combine forces at a future date when their counter-offer goes public? Or is that illegal? And such accumulation would be low risk given the 5c offer on the table should the counter-offer not eventuate?
As to who might be doing such a thing, I would have thought a decent number of serious players would have been given detailed visibility of the project metrics during the period when NWC were spruiking for offtakes/funding commitments? These players may well have enough confidence in the project to participate in a, what I assume would be hostile, counter-bid, no? Certainly NWC management might be seeing trading activity that could support this theory?
I admit to no real experience/knowledge in these sort of things so just speculating. Or is it just hopium?
NWC Price at posting:
4.8¢ Sentiment: Hold Disclosure: Held
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