JB Were stepped into the market today and bought 5 million OXR shares at 32.5 cents. They were still on the bid with some 500000 OXR unfilled at market close. I know someone was a keen seller, but I view this as positive especially since JB Were recently initiated full coverage on the stock. Its an endorsement to the cheapness of the share price and clearly another insto has joined the register or added to their existing holdings. I think it was a setup sale because as soon as JB Were stepped in, the big seller dumped. JB Were has a valuation on OXR of 95 cents. Things are starting to heat up. Once options have expired, we should get some upward pressure build on the FPO.
JB Were have also asked The CEO Owen Hegarty to give a presentation to institutions at the JB Were resources conference held in singapore on thursday 5 sept 2002. Other companies presenting include MIM, Iluka, Newcrest and Lihir Gold. The data should be available on the oxiana website on that day.
Cheers
Skippa
OXR Price at posting:
0.0¢ Sentiment: None Disclosure: Held
