It sounds like the relationship with B-29 has soured and they set about proving a point of how powerful they are.
Sad really to see adults carrying on like this but I realise that we can be a funny lot when our ego is hurt.
The best we can hope for is that common sense prevails and they decide to sell out to the company. Failing that, they will eventually run out of stock.
Hard to work out when that will happen because of trading and stop losses bing triggered.
They ceased to be a substantial holder on 8 Dec 10 so that put them under 5% so holding would have been under 15m. The only holding in the top 20 which looks like that is Morgans at 11.5m shares at the end of November.
There have been some 25 million shares traded on the market since that notice so it's possible that they are all but done.
Lets hope so although it is an opportunity not to be missed because once this passes, AZZ will return quickly to value.
My reservation that they may have more to go is that the buy back seems to be going slowly and the company has the exact daily holding for B-29 and they are still holding out.
It's all clear.........as mud. but it will pass and there is money to be made here.
Cheers all.
AZZ Price at posting:
37.5¢ Sentiment: Buy Disclosure: Held
