Hey Roo, I have been pondering another stock I hold (a good sized holding for me, and it's had it's up and downs, but it has also been the focus of shorting), so I wondered, could there be any causality between what happened to WGX and SPR...? Even though WGX is a producer and SPR is not, the two do have corporate action in their recent history. WGX just completed a merger with Karora (Canadian based, but asset in W.A). RMS have recently jumped on the SPR register (obviously).
I am going to hypothesize that an entity/s have decided to start hedging against an RMS bid for SPR. In a nutshell.... the decline announcement means... U/G drilling is not far away and, the week after, belt scale results start showing up. Does this mean, RMS' window for making an offer is closing (or the perception)?
These are only two examples, but I am starting to think that the shortman site is likely a good place to start watching for signs of corporate (or... bad news too I suppose) moves. Slightly off topic, but... SPR is likely sitting on around $80-83m, which is a nice amount considering the decline only takes up $18m and will not be fully paid for until the March Q (I recently pondered if SPR might want to raise again, but the team do seem to have a nice amount of cash to drill in the near term, though.... I imagine, it must a very intricate dance on how to do the next one, with RMS holding 18%!).
At least I was able to put some charts up to match the thread (sort of)!
SPR Price at posting:
$1.44 Sentiment: Hold Disclosure: Held
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