I wanted to take this opportunity to ask for opinions. Does anyone have any ideas as to what is happening with the share price direction for SSM? It seems that while the media and brokers look favourably towards SSM - and there have been several really positive articles, the SP is still going backwards. I never thought it would get as low as the rights issue price, but here we are. Directors selling puts a bit of uncertainty into the market, but that should not account for the general downward trend - on market good days and bad.
The possible/proposed breakup of Telstra may have an effect, but again, the benefits from the NBN should more than make up for it.
Is there a possibility that the downward pressure is coming from a takeover bidder? Is MAH in a position to have another go? I also hold MAH, and have seen a similar pattern developing (and downward pressure on the SP) possibly due to LEI about to make a bid. There are other issues there with LEI already owning 20% of MAH though, and I don't think SSM has anyone in the same position with a substantial holding. I may be wrong though, any feedback would be welcome.
I have noticed that generally the engineering services sector has seemingly underperformed recently (with maybe a few exceptions). It could just be that SSM is fashionable with the media and brokers, but unfashionable with the punters.
Any thoughts, advice, or even criticism would be most welcome please.
Lairy.
SSM Price at posting:
36.8¢ Sentiment: LT Buy Disclosure: Held
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