re: Ann: Open Briefing - Reserves Upgrade and...
Hendrous, I dunno about the "hot money" leaving. I do think that the market might be spooked by the price rises that preceded the notification of approach. I imagine that investigations will be made into who undertook the trading that led to price rises before the approach ANN. In the case of SDL and BMN, it was Hanlong doing the buying. Everyone who holds or has held WCL knows it is a share that has struggled to get any rises- usually only based on nearology of other CSG takeovers. Even on good ANN's- and it has had several- the share price barely moved. So, the trading pre-ANN looked unusual- even to the ASX- and the "aware" response showed the company had received the non-binding, indicative blah blah some time prior. And then a massive share price rise. This has put a spanner in the works, and the market seems to now be uncertain.
EOC, who is in a similar situation, is also nowhere near the 60c potential offer, and did in fact raise capital recently, so has a share price reflective of the capital raising price, rather than the takeover price. These takeover opp's are fascinating, but with WCL, there seems an extra level of complexity right now.
WCL Price at posting:
39.4¢ Sentiment: None Disclosure: Not Held
