michinyon

Hi Michinyon,

Do you have any take on todays (Wed 28) trading?
A buy order in excess of 600K this morning at 70c, not long after, 70c is on the bid side, obvious a broker is still buying on mkt, and at 70.5! The trading however is still cautious.

Studied PBB and PMM a couple of weeks ago as you suggested, and they show what can happen even when a t/o is so close to 90%, albeit no two will ever be the same.

GDA execs are now ensconced on the board, and as GEM holds 82.38% of the Co., and they have lots of cash, I can't see them letting KIM go bankrupt. They'll want a viable business.
Todays KIM website lists the following holdings...

Significant Shareholders
Gem Diamonds Group........82.38%
UBS Nominees Pty Ltd......10.62%
JPMorgan Chase & Co........5.02%
The percentage of shares not held in public hands is 17%.

So if the % of shares not held in public hands is 17%, I guess this leaves the public still holding 0.62%, or 2.66m shares. Oviously UBS and JPM are blocking the t/o, and another unnamed institution/s are still holding 1.36% (perhaps these are the on mkt buyers??).

This doesn't leave many shares to be traded, and so potentially makes them quite valuable, particularly if GEM mgmt put the KIM busniess on the right road.

Offer expires Sat 1st Dec, and would have been extended again by now if they were going to. I think UBS and JPM would have pledged by now if they were going to.

These are the thoughts I'm having. I'd be interested to know what you (or anyone else for that matter) think about this.