Normally you would think they would start buying on market once it's clear the TMF offer is too low and won't be accepted , but in our case 80% of the shares are held by Top20 ( most likely not able to trade because of director insider trading laws ), so they wouldn't want to increase the shareprice too much , which would also make a rise in any takeover price
So, there are really only a total of 40,000,000 shares available to trade...
Chifeng would need another +20,000,0000 shares at least just to get to 20%
Chifeng, if they were thinking of making a 60c starting bid should buy up to 35-40c, but then if they did this the 60c bid wouldn't look as juicy..
Chifeng, if they were Like TIE Chinese takeover buyers, would actually want the shareprice lower to make a 60c bid much more attractive...
Interesting times...
I don't think they would want to stuff around too long if they are a Gold bull and think Gold's going higher either....
( One thing is for sure, a shareholder 3 months ago asked Gino if he thought MTC was worth $1 and his answer was absolutely !.... and that was when Gold was $2,300 )
MTC Price at posting:
18.0¢ Sentiment: Buy Disclosure: Held
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