I think you are right about Xstrata not buying on market --- I would have presumed they could have bought @ $23 --- but that appears to not be so.
20.5 million shares acquired from JBM executives as a result of their agreement 1.1 million shares as a result of acceptances of takeover offer. Total 20.6 million shares as per todays -- Change in substantial holding notice.
Substantial Shareholder notices from Xstrata: 30/10/07: 20.5 mil shares (15.7%) 20/11/07: 20.5 mil shares (15.72%) 21/11/07: 20.6 mil shares (15.82%) 26/11/07: 21.6 mil shares (16.54%)
JBM shares traded for the weeks ending: 26/10/07: 7.8 million shares close $17.10 02/11/07: 25 million shares close $23.55 09/11/07: 8.2 million shares close $23.32 16/11/07: 9 million shares close $23.13 23/11/07: 8.2 million shares close $23 Total traded: 58.2 million shares as of Friday night.
Over 3.5 million more today and price @ 23.03
There are only 130 million shares (+ options) --- I wonder where they are?
$23 is not enough in my humble opinion ---- I don’t like these agreed deals --- Still peeved about the WMC/BHP deal ---- they took us for a ride on that one.
The other gripe of mine --- we should be given a script option, to have at least some chance of managing our tax affairs.
Regards, cy7.
JBM Price at posting:
0.0¢ Sentiment: None Disclosure: Held