This need insto support NOW! Otherwise, come relisting day and she will tank. The simple math is that the directors have 20 mil on margins and sure very close to being called (or already). All the shorters will have to do is to push the sp back below 1.5 or so and the 20 mil will hit the market. Thereafter, simple demand and supply takes over.
This is distress situ for the company, anything sold now has a "fire sale" price tag. Hope they don't record any losses on such disposals because this can lead to other complications such as covenant breach etc (eg: interest cover or tangible net worth).
By the way we are close to month-end reporting cut-off and Tamasek/fundies execs are not going to be happy and quarter end is not too far away either. Will they be willing to take on more exposure?
Anyways, some insto has got to step in and say we will buy on open. For now this is not looking good. If nothing constructive is announced, this baby will bleed on open.
Sorry for the gloomy outlook fellas but I can't see ABC's guardian angel at this moment in time. Sincerely hope that I am wrong!!!
ABS Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
