A takeover ain't gonna happen quickly. Just look at the overall volumes in AJX compared to shares issued. The turnover is very low. No-one who has maintained a long-term interest in AJX is going to accept an offer of $1 in light of it being there already and the progress the company is making. Top 20 is increasing stranglehold not reducing. Moelis haven't really been active accumulators either.
Yes Moelis appears to be a successful broker but I'm not sure AJX is high on their priority list, it looks more like a see how it progresses scenario to me. Otherwise why would you let juniors research (poorly) and write the report? Anyone who reads the report in detail would struggle to take it seriously, them dropping their target isn't going to sway investors.
This may be a takeover target somewhere down the track but it isn't going to happen anytime soon and certainly not at $1 a share.
AJX Price at posting:
59.0¢ Sentiment: None Disclosure: Held
