Since the KE at AUD 0.20, FYI has started the transition from a retail share to an institutional share. Typical of retail investors is their impatience coupled with high expectations. Typical of instis is patience and fact-based investing. This means that the big funds need a real value driver to justify an increase in FYI in their portfolios. This could be a positive outcome of the tests with Alcoa, the Alcoa JV anyway and even more so the financing of the project. Only then will we know how much share FYI had to give up, or how much parallel share dilution can be done.
After all, there are already some big institutions. Anything they buy from now on will form a mixed price with their cost position. BUT: Institutions also have portfolio constraints, for example they cannot exceed certain thresholds from certain stocks of a certain size. Window cleaning at the end of the quarter also sometimes plays a role. And if the FYI disappoints (which of course nobody wants), institutional investors will be the first to sell aggressively. Institutional investors are more consistent in this regard and not as emotional as private investors.
Overall, we will see a slow transition to institutional investors in FYI in 2021 when the project matures. In any case, they can only assume several hundred million in market value.
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Open | High | Low | Value | Volume |
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2 | 77109 | 0.055 |
1 | 100000 | 0.054 |
1 | 17500 | 0.052 |
2 | 490000 | 0.051 |
Price($) | Vol. | No. |
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0.060 | 16318 | 1 |
0.061 | 22515 | 1 |
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