Anyone have any evidence UBS is still offloading U/W? I doubt that is the case and that is precisely why I am concerned. Looking increasingly to me like the UW shares were picked up at 15c for ST pump and dump only and absolutely no long term funds other that recently curiously quiet A.G took up any. Hence nobody but traders see any value and the rise from 15c was a dead cat bounce. This is a massive red flag if it goes back to 15c as it means even 5c is possible as there is absolutely no value seen in the business by institutional investors.
Some news surfacing today that may have bearing on their outlook is RIO containing to ramp up supply into increasingly weak markets which they can afford to do due to much lower costs. Also China predicting long slump in steel and consequently Iron ore. This likely to be pronounced given majors still ramping up supply into weak markets.
Chinese steel is at the core of a crisis that threatens to snowball..
