ninie...you are correct about HNC making good money with compass shares.They bought about 12million and sold them all for a good profit. What I am sus on is the timing of the sale of those shares and the timing of their knowledge of the stuff ups that were happening at the construction of the plant.if you look back thru the announcements they sold their shares in july 07 for 4.20.[price was 5.20 odd at the time]Why would they sell them all for a dollar less than the current SP unless "they knew "something was wrong.?? Then in 3rd Oct 07 an anncmnt was brought out revealing that 'Isolated schedule concerns had emerged in July 07 and that 'the subsequent RESIGNATIONS OF KEY PROJECT MANAGEMENT STAFF neccisitated establishment of a NEW PROJECT TEAM DURING AUG 07'" So it all sails a bit too close to the wind for my liking. HNC sells out...[they knew] Key project management staff bail out...[they knew] Project cost and Schedule concerns announced.... all within 1 month of each other.??? VERY SUSPICIOUS IF YOU ASK ME... and this is EXACTLY what I believe ASIC should be INVESTIGATING. ....and of course the SP went down down down from there untill administrators stepped in...but all the while CMR was still saying everything was sweet and all was good, even showing us graphs of Oxides Cash flows and forecast revenues.[15th Aug08] I honestly believe that HNC knew the plant was a stuff up when they sold out on June 30th 07.
What do others think..????
CMR Price at posting:
15.0¢ Sentiment: None Disclosure: Held
