Very quiet thread indeed. Dare we look at the elephant in the room, CDV on TSX getting completely smashed...
traded down CAD34c (that's AUD37.5c) before being tickled up on NO volume the last half hour.
It's volume on the daily which is most concerning. I understand strong rejection of CAD44c and even strong selling of 41.5c which represents Nord's offer price, even selling down to 39c yesterday to a roughly 10% discount to Nord's offer and conservative equivalence with where the ASX wants to sit while waiting for developments. But aggressive selling down to CAD34c with gold at $1750 last night.... why the rush and panic people?
Some explanations come to mind, in no order of probability.
- Nord's associates are pushing the price down pending going formal, and the illiquid TSX is the easiest market to do it on and get traction
- Word is leaking that Nord's have declined to go formal for the time being .... for whatever reason
- Word is leaking of interest in a large CR being sought by CDV advisers
It's hard to imagine that word is leaking around some flaw or costs blowout from the independent project report that is material enough to cause a sudden panic. It's also hard to believe that it's just traders panicked by the breakdown in May's uptrend, especially because the ASX has traditionally led the TSX and the selling is all being led by the TSX this time (assuming yesterday's panic 650k 41c sell order on ASX open was TSX related and not someone on the ASX spooked by the same rumour).
Even if the ticket isn;t good value for money, CDV offers long term holders one hell of a ride doesn't it....
