I doubt very much that we are seeing an actual take-over play. What is going on however is that the register is tightening significantly which may facilitate a more hard nosed approach to a takeover down the track.
Prospect are the new big kid on the block and have been buying with their ears pinned back for all of June and so far this month (particularly on 01/07/09). A fellow forker suggested Morgan Stanley on the 1st was the majority broker and we can relate that to Prospects 604. He also suggested Morgan Stanley were in there again today so it follows that Prospect are not yet done.
So we have some substantials who identified value here early on (along wit some of the posters here) and Prospect seeing value at these current higher levels. The buying is clearly due to perceived future value - which we all have done our sums on and recognise.
The stock is purely being rerated IMO at the moment and the directors are delivering shareholder value in a very impressive manner. If you bear in mind that Healy bought bulk PDN at 2c and hasn't sold out I reckon it will be difficult to crow-bar any shares from him (19% or thereabouts) even at a hugely inflated price. Difficult to see a T/O succeeding without him.
Trying to pick the tops and bottoms on this one is a bit of folly atm IMO until Prospect stop taking their position. They have tested all price levels in June for little net gain and had to buy hard at market for their most recent. It will depend how many they want.
Chuck out the daily chart IMO - the weekly chart tells the story and looks bullish still.
I'm hanging onto mine until Healy sells :) Plenty of others on the boards to trade I find.
Have a good weekend you Forkers! Ya all my new bestest cyber friends :)
Nice coy.
Cheers
RFE Price at posting:
$1.30 Sentiment: Hold Disclosure: Held
