With the volume of shares traded in recent weeks and a rival mortgage lender announcing it is now a substantial shareholder, it looks as though a takeover is getting closer.
Based on a 30% takeover premium, I am looking for a price of about $3.50.
In the meantime The Rock has announced first half guidance of approx. $2.2m net profit which should produce an intrim dividend of 6.5 to 7.0c.
The good old Rock is now neither a growth or yield stock so a takeover seems our best hope.
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