Wonder what the recent spike in option volumes and share volumes means ?
Share price up 40% this week and options up 50%
Brighter outlook for the energy sector ?
Greater confidence in BWN ? (Regime change ?)
Someone aiming to increase their stake (and vote) for the meeting on 22nd June ?
Buying up options and converting them to shares before the meeting has probably been cheaper than trying to buy the same quantity of shares on market, since the share sell side is now very shallow and the price could soar if a million plus shares were to be bought on market
Sell side at the moment - 3 sellers for 105,000 shares Buy side 23 buyers for 629,241 shares. Last sale was at 14 cents and current offer prices are 15, 16 and 20 cents
Options buy and sell side is better balanced in terms of numbers sought and on offer - 9 buyers (2.038m) and 9 sellers (1.033m), BUT last option sale was at 1.5 cents and lowest offer price at the moment is 2.9 cents.
I wonder if we will see any options conversion notices before the meeting on June 22 ? Bhushan can't convert because of the creep limitations, but Savni could. They held 1.1m options in Sep according to the annual report.
Since options don't have voting rights they can change their holding of options without reporting them. We don't know how many options they hold at the moment.
What do you think ?
BWN Price at posting:
14.0¢ Sentiment: Hold Disclosure: Held
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