Yeap...i bought into yesterday based on the expectation of a t/o announcement yesterday... but they announced something different... now i'm sitting at a loss of 2K... so did i learn my lesson not to speculate?? only time will tell...now looking for a decent exit...because it is trading at a PE multiple of >24.. the price was factoring in a t/o...now we'll find a floor for CMJ without t/o premium...
But i think with the buyback sp might find some support... once the buyback is completed, JP will hold 45% and stokes will hold >20% so the top 2 alone will hold more than 65%...
Also one more curious thing in my mind that the announcement only states that Stokes cannot buy CMJ shares for next 12 months...but it did not say anything to the position of the packer...whether he can buy more or take it into private...
Again only time will tell...
Good luck to the holders...(Also wish me plenty of luck...)
Cheers PMT
CMJ Price at posting:
$3.03 Sentiment: None Disclosure: Held
