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3m+ shares just changed hands, dunno why anyone wanted (/had) to sell at 3.5 after yesterday's news, but someone was clearly happy to gobble them up. Wonder if we will see an RNS, if it has sent any party over / under a reporting threshold? Anyone will hopefully free things up for the expected rise based on the RNS - IMHO....
Anyone that has followed Malcy over the years will know not to take his word as gospel, but the following is reasonable commentary IMHO....
Well, well, well, Jay Bhattacherjee and his team has done what he said he would when he came in as interim Executive Chairman and has now signed HOT’s for the Egyptian assets at what must be a cracking price if it is ‘significantly’ in excess of the company’s £8m market cap. [Yes, I know this is not quite what was said]
It has certainly beaten any expectations I had for the assets after the announcement earlier in the summer when it was announced that there were many potential bidders in the room. Whilst these things always carry a degree of transactional risk it sounds like it is quite a long way down the road and it is my understanding the deal will be in US Dollars and not exposed to Egyptian currency risks so homework has been done by the Company.
Once closed I understand that Jay will pay down some debt and a few outstanding bills, maybe redeploy some in Morocco and of course patient and longstanding shareholders would like a small piece of the action as well. Jay always said that he wanted to create long term value for shareholders and this deal looks smart enough for that to have been the case, I’m very impressed.
Something weird definitely going on with buys v sells, MMs, SP... I mean who sells on the back of that RNS? I am not suggesting SDX is suddenly a screaming buy (though as a LTH I thought the RNS positive), but what is in there to make one sell?
No but for those who can see positives it's taking sweets from a baby. The single "buy" of 40,000 is mine, happy to average down here. All the bad stuff is already priced in at this level IMHO, so any bit of good news, no matter how small, sends this North, and rapidly given the low liquidity interest. Don't get me wrong, I am not saying this is multi-bagger potential, not in my wildest dreams, BUT I do think it can and should return reasonably quickly to the "highs" of the last 12 months, which is still well above today's SP.
Well someone clearly wanted to/had to sell this afternoon, which is a shame, but it's still a nothing volume in the general scheme of things. Very low liquidity/interest in this share has been a problem for a while. But if/when any kind of positive news comes out - and there are things potentially changing in various areas - then the low liquidity will have an outsized effect in the opposite direction of course. I am a very frustrated LTH but I see no reason to bail at this point, the company isn't yet on the verge of catastrophe, and I think there is a reasonable chance to make at least some of my loss back in the coming weeks and months. Don't panic, Captain Mainwaring!
Yeah but see the name on the bottom...
There are/were no open shorts as far as I know? And these volumes do not really support that hypothesis.