Also, as a longterm shareholder has been burned on this company over the last two years, I think we've got several barriers to a prolonged move up: 1. We have no money. More dilution is coming. Punters (while appreciate of the offer) are wary of getting in to be hit with this. 2. Chemphys coming through at all is uncertain. If it doesn't eventuate, the bidding war will be starting off a LOW base. 3. Chemphys delivery is uncertain. See point #1. The longer finsncing takes, the more interim dilution. 4. We won't gap up to any offer (even if pursued) because there is execution risk - due diligence being passed. Glencore already walked away once. Why? 5. Past history of poor management - the original botched Glencore offtake has made many wary of how this compnay may snatch defeat from the jaws of victory.
That said, god it felt nice to get some positive movement and hopefully a sign of a speculative trend emerging.
GLN Price at posting:
14.5¢ Sentiment: None Disclosure: Held
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