Its obvious that Shougang is playing hard ball with PT/ADY, otherwise why would you need to draw down the US$5 mil.
I sold out yesterday after buying in on Tuesday and now glad I did. The technicals on the chart where shaping up very well but a savage blow was dealt to them on Wednesday imo.
If 15 does not hold it would not surprise me to see the gap at 9.5 - 10.3 on the 2nd and 3rd of Jan 07 get filled.
Seems bizarre I know but PT is between a rock and a hard place in this market and the skelpers could now take the company over for nic's because of his inability to keep to time lines and arrange finance/partnerships when the market place was more conducive to do so.
I have a valuation of around $1.16 on RLL (PE 10, before consolidation and split) but that means diddle squat if you haven't go the $ to make it happen.
ADY Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
