Don't really get the reaction today I must say. Merger docs highlighted the cash balance was down $18m as of 30 Nov ($65=>$47m).
Dec just continued the trend with another $9m decline. The funds that participated in the GMD raise at $1.20 would surely have had some inkling mid-Dec of the SBM quarterly to come. After all the key asset they are effectively buying (apart from RF) is the Gwalia/Bardoc aggregation.
Price today is lower than the close on the 14th Dec when the merger was announced (74c). Makes you wonder whether there were punters in the stock betting on a superior offer being a possibility (always an extreme long shot in my view).
SBM Price at posting:
70.0¢ Sentiment: Hold Disclosure: Held
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