Let the line wiping begin...

A friend of mine who lives in Melbourne attended the Proactive Investors luncheon yesterday at my request as MIZ was one of the 5 companies that presented. A couple of interesting things came out of it : Firstly the company presentation that was released before the luncheon yesterday which highlights the peer comparisons and how ridiculously cheap this thing is and secondly the MD made mention of the fact that a fund has accumulated approximately 4% of the company in the past week at these bargain prices.

I’ve also spoken with the company and it was made fairly clear to me that the short term “flippers” that participated in the con note raising with the intention of converting and trading out for a short term profit have done so and that the recent conversions have been the long term supporters who have sat back, waited for these traders to clear and have converted now that they believe the stock is going up as evidenced by the recent substantial shareholder notice. It’s also interesting to note these guys were buying on market even after converting as shown in their substantial notice. Anyway the trading action verifies all of this as there was and is no selling pressure after the Appendix 3b was released and that now 63% of the stock is tied up in the top 40 shareholders. The stock is not only fundamentally a screaming buy but also technically as evidenced by “baglimit's post” (I’ve reposted the link, hope you don’t mind baglimit!).

http://www.barchart.com/opinions/stocks/MIZ.AX


With the short term traders gone and an accumulator in the market it’s only a matter of time before this pops and trades closer to 1 cent IMO.  

Let the line wiping begin!
DYOR