I am told that unless a 1% change ( increase ) has taken place since Friday, ZFX does not need to report the ASX as they have done each day last week.
If this is correct, then acceptances would have slowed down quite a lot (acceptances are only one of the 2 ways of acquisition). It has also been relayed to me that Monday was a public holiday in Melbourne, but given that today was Tuesday, this would not appear to be an answer.
Todays small turnover also seems to indicate that the sellers have dried up somewhat. It will be interesting to see if this continues. Furthermore 2 groups have very recently purchased 16m (2.2%) shares between them at 1.105. Their purchase at above the bid price reflects their feeling that that their % is significant in some way.
Given that the commissioning timetable of the plant has now been announced ( in 6 March Announcement ) and Jinchuan have announced they are hanging on, i the Hedge funds ( 30-40% hand in there, ZFX may be in a real pickle.
You may say that the market is tanking, but look at a somewhat comparitive case called Albidon which is about to begin nickel production and whose price is going up every day against the trend.
Hang in for production and more assays from Melba, Godkin and Avebury.
AGM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
