Just listened to the audio of yesterday's conference call on MBN's website.
I have been wondering if MBN is going to do a presentation to brokers now that they have a story to tell.
I reckon they would do so with ears pricked if the nickel price wasn't so shtty atm.
In any case the guys who asked the questions were interesting. Especially as most were not Australian.
The first guy was from Haywood Securities. This company is based in Vancouver Canada.
The second guy was from Canyon Capital. This looks to be a huge company headquartered in Los Angeles USA.
The third guy was from Jeffries. I have done a search and this seems to be a huge company headquartered in New York USA.
One of Jeffries major clients is Lonestar. I wonder if this is the same Lonestar that is holder of 6% of the MBN shares.
The last caller asked what percentage of their allocated shares do the noteholders still hold. Chief Financial Officer Milson Mundim said it was over 95%!
Now the noteholders got 98.2% of 930 million MBN shares, and 95% of that is 867,597,000 MBN shares.
930,000,000 - 867,597,000 = 62,403,000. This seems to make sense because the retail investors were left with 1.8% of 930 million = 16,740, 000 shares after the redistribution. In the last half of 2014 three noteholders sold a total of about 30 million shares. So a total of about 48,740,000 shares would be in the hands of retail investors.
This would mean that there are only about 50 or 60 million shares available for the general public. Milson may not have been aware of the 20 million share sale @ 5.3 cents the other day. I cannot see who, other than a noteholder would have 20 million shares available, so probably a bit more selling by one of the noteholders there.
Today was interesting both for the strength of buying and for the fact that 20% of trades were not on the ASX but were on Chi-X. I would surmise that some overseas investors are getting interested.
Could be a big day tomorrow!
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