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What will be Opening Price for tomorrow?
I reckon around £8
Any guesses?
After that news £4
‘Tis has to be already baked in. That’s the reason it is where it is imo. And I don’t hold.
Call me an optimist. I would be delighted with £8! Several schools of thought. One, it reaffirms the MW report was not rubbish and the share price already allows for the allegations, with the view to bouncing back if they were disproved. Two, reassurance that the decks are being cleared to shake out everything that needs removing. II’s will have taken a view on the worse case scenario, considering MW report, and I think will have measured the share price worth the risk. Three, it’s worse than expected. I have no idea what will happen first thing, but it’ll get kicked around for another month, that’s for sure. And we’ll lose all the gains for the week. If I make profit elsewhere (ESL) tomorrow, might look to trade more of my principal, and reduce exposure, as £15 looks a very long way off.
Gregpeck with one of the worst takes of all time there
Hope for all LTHs that it holds above 700 but suspect that 600 is a good shout. Jefferies’ most pessimistic model for the shares, in which NMC falls even lower than the 500p target price, would give the company a market capitalisation of £415m — which could translate to enough of a drop that the group wouldn’t qualify for the FTSE 250 either.
Guys I know this is not the RNS we were waiting for but I genuinely think that most of that has been factored in the price.
Whenever we received an RNS with a Director resigning, the SP increased a little.
I am not saying that it will definitely stay the same or increase tomorrow but I think it will not have that serious affect on the SP
We’ll be lucky if this even opens tomorrow. It deserves to be suspended until the investigation is over.
Repost:
25 Feb 2020 17:36
“ Mr Chandler acquired his stake in Sino-Forest in August, two months after Carson Block, the US shortseller, accused the company of “stratospheric fraud” and just weeks before Canadian regulators halted trading in the company’s shares. Sino-Forest last week began legal proceedings against Mr Block, accusing him of defamation.”
all over again...
Hi Adzy, I know you went long in to it last week. Have you still got any stake left in or did you sell all today?
Maybe 943p tomorrow morning
The CEO resigning is not a problem - he was probably out anyway, the COO off due to "illness" is - he is culpable as well as the CEO as he will have had to know of the probable fraud.
The company debt discrepancies (unknown to most of the Bod) is serious as the company could be in trouble.
From the RNS : "In the course of their work to reconcile NMC's cash balances and net debt as at 15 December 2019, the Review Advisers have identified potential discrepancies and inconsistencies in the Company's bank statements and ledger entries. The Committee and the Review Advisers are investigating these matters and seeking to determine the materiality of the discrepancies."
How the company's auditors did not pick this us is amazing!
I posted earlier to say I sold in profit towards the close, and moved my guaranteed stop to break even... I just hope it opens tomorrow so that gets hit.
Well, they could have released this on Friday evening. But giving everyone 2 trading days to do whatever they see fit makes me think nmc wants to be very clear and fair to all.
Flava- what made you give that figure of 943??
You're right this absolutely should be suspended but it won't until much more damage is done I fear.
I held previously hoping for a bounce after the initial muddy waters short and the investigation was announced, sold out for a loss of a third when the shareholding issues came up, that was at £10.50.
This is now in chaos and nobody can truly say they have a handle on the extent and effect on share price, this is now as much of a gamble as red or black but with 0, 00, 000, 0000 & 00000.
Huge sympathies for long term holders who bought into what looked on paper to be a strong company, youve been defrauded and the auditors have much to answer for but will get off Scott free as ever.
Why is USA still trading 915p even after this rns.
No volume on that. So don’t read too much into it.
That's a very good question! Why has it not plunged? Little volume or not I would have expected it to have tanked.
It requires trading activity to set a price! And volume is 5,443 today!
I can’t see how this won’t be suspended at 7am tomorrow. They will have to restate all previous financial accounts.
Mrd are you planning on selling or holding?
Just my opinion, if the IIs start support from the morning we may not see that sharp fall (may stay current SP) as everyone expecting.. I think the IIs providing this support from last few days which can be observed from last 3 days performance where the whole market has fallen sharply but NMC is not..
Wishful thinking... they’ll probably be no need to support the price as this will/has to be suspended.
Financial arrangements were introduced in 2018, as such cant impact all previous years but just that year
Was this update released in US?