Bell Potter acted for AF before.
Their recommendation is contrary to the BOD advice & AFs bid
Do they realise MCR is now in breach of its offtake deal with BHP and BHP dont want low volume, arsenic laced low spec impure ores..
BHP could pull the plug any time and leave MCR with NO offtake revenue.
AF could also not renew or extend the bid and let the SP drop to 43c where PAN equivalent is now producing 50% more than MCR now or he could simply call a BOD spill and issue 2B shares like he did in AHZ POS et al diluting the remainders to nothing.
Bell is dicing with danger imho.
IGO & UBS still hold 13% and havent sold out.
Are Bell acting against AF now?
perhaps I speculate Bell Potter have been shafted too like the others such as ANL AGO WSA AHZ BWX MCR POS holders et al.... and clearly have no loyalty or love for AF either.
this advice is very disloyal to AF imho.
What do Bell know that we and the market dont know?
Do they think they can control AF or the BOD smashing the shares down to nothing like happened in ANL AGO POS AHZ BWX et al?
I doubt it.
If there was another suitor the price would still be 154c & AF still at 20% but its not.
IGO or BHP would have counterbid weeks ago if they wanted MCR imho.
they wouldnt have let AF take 60% here if they wanted MCR, especially IGO & BHP.
BHP fought a bitter battle with AF over FMG for a decade & IO rail access.
IGO failed to give AF any shares from the WSA takeover and the WSA BOD insultingly ignored AF for IGO.
I held on in AGO too and still got swept out at the 91% level at a pathetic 4.5c thanks to AF & FMG flipping to Gina for a pathetic 25% gain and she went on to make $15B from AGO while we 90,000 aussie battlers got stuffed like prize pigs for peanuts.
