Market liked it initially but now the SP is falling.
Could be people reading between the lines and thinking the JFE Shoji deal is not going ahead.
Or perhaps the reasoning is why would POSCO effectively sell its interest in COK now (i.e. through the share cancellation) if a funding agreement is round the corner and their shares would be, presumably, be worth a lot more in the future.
It could be POSCO has shot itself in the foot massively.
Or that it is getting out now, and locking itself into a 1mt pa offtake from the expansion given effectively thats what it really wants- the product.
Given it has signed the offtake (non-binding) it could be helping COK out by getting out of the register and letting someone with deep pockets who is willing to fund the company coming onto the register. COK has flagged a "corporate transaction" numerous times, including in todays update.
Time will tell. But seems there is a fair bit of maneouvering going on from COK management which seems positive.
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Market liked it initially but now the SP is falling.Could be...
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