I am not sure if it is time to panic yet. QBE has invested in ELD only days before the decision about trade suspension was made. I am sure QBE knew back then what was going on with ELD, and;
QBE agreed to pay $270 million cash and another $45 million for 112.5 million Elders shares at a price of 40¢ each, and, crucially, hold the shares for at least a year and support the share raising that was being prepared.
They would not have agreed with ELD management to hold the shares for at least a year if ELD was to go to hell.
I was not interested in ELD until QBE made its call. Only then I decided to get some believing that there will be SPP coming up.
Time to wait for more news. I am sure ELD management is trying to do everything they can to save their bacon.
ELD Price at posting:
$3.90 Sentiment: None Disclosure: Held
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