A wee bit of press (I`m sure I read most of this on HC this week lol) - Street Talk Page 49 Weekend AFR
Betting the farm
Struggling rural services group Elders has had a tough time of it lately but a savage profit downgrade can do that. Yet it appears it is starting to win back some friends. After major shareholder QBE Insurance raised it`s very out of the money stake in the aftermath of Elder`s downgrade in June. Bank Of America has entered the fray.
After emerging as a substantial shareholder on July 23 with a 5 percent stake, the bank has continued to buy stock and on friday had notched up a 7.2 percent share, making it Elder`s second biggest shareholder.
Elder`s is in a vulnerable position, given it`s trading at decade lows and seems prime for the picking as offshore groups look for ways to expand into Australia`s agricultural sector. The merger between GrainCorp and AWB has re-focussed attention on just what stock could be next and Elder`s could just be it.
A wee bit of press (I`m sure I read most of this on HC this week...
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