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Can buy cant get a sell quote - very strange
To get some discussion going Major shareholders hold 72.74% (no majro changes for over 12 months) of the company leaving just 24.11m shares free. Even these seem to be tightly held as the average volume suggests (10-day average is only 117K shares per day) - even after the news of the potential bid the volume on Friday was only 311K (excluding plus) and today it was 324K. Everyone sitting on their shares waiting. No-one wants to sell with such a big spread either with pontetial upside here with other bidders potentially out there so this wil either drift down slowly on low volume or the mms will have to narrow the spread to entice sellers. In July 2.2m shares (about 10% of the free float) have traded . Any amount of buying pressure (say 1m shares trading) should push this share up closer to the 35p prospective bid. it was very unusual for them to issue the bid price so early on and without the bidders consent "an offer for the entire issued share capital of the Company at 35 pence per share. This announcement has NOT been made with the agreement or approval of the potential offeror and there can be no certainty that an offer will be made nor as to the terms on which any offer might be made." Definitely putting itself out there for other bidders to get involved. No suggestion either that this would be a satisfactory offer.
Good luck mate. I think you will dow ell out it - I'm still holding for next rNS at least.
LOL - yeh that would be good start There is more to this story I think. Did you get your trading funds outta MATD yet?
Actual spread 29.55/31.7p slight tick up on the ask however if theya re wanting to stimulate sells tehy'll have to do better theen 29p me thinks.
Must be confident in thier future regardless of the offer Recent Options granted: Chromex has granted options to Directors to subscribe for a total of 4,100,000 shares, 2,050,000 of which are exercisable at 25p per share and 2,050,000 at 30p per share. Options over 1,300,000 shares, exercisable at 25p per share, have also been issued to senior management. I'm sure they'll want a better premium on these options then 35p IMHO of course. Do you guys know if the options only exercisaable in the future they would still be part fo the offer.
only 88.5m shares ofn issue so if it does move should move quickly. Worth a punt. Now where did I place that rocket LOL
You guys expecting a potential counter bid - I think might be possible which si why they stated the offer being at 35p - gives any other potential buyers the price they need to trump. Worth a small punt
Chromex further confirms that it has in issue and admitted to trading on the London Stock Exchange 3,368,523 warrants to subscribe for one ordinary share, exercisable at 20p per share each under International Securities Identification Number GB00B1BRZJ03 so they are trading at about 30p if include exercise price.
Good contract win EUR3.5m http://www.investegate.co.uk/Article.aspx?id=201007151229194134P Anyone in this?
What do you think of chrt news? hasn't moved the sp surprisingly
Have a good holiday mate and hopeit has improved by the time you get back at least it improved signifcantly this afteroon after a poor start
yeh the spread has prompted some selling but also has encouraged some buys maybe a good affternoon and finish coming some buys showing on plus too
thats more like it
thats good The spreads killing it 105/125p no-one wants to risk buying so high when the bid is so low. bids gonna have to move up to encourage sells and then we might see some movement. gl
here comes the tick up hope you managed to get some shares
because they either dont have any to sell the order is too large for what is being offered by the mms or they are stockpiling and we are due a tick up
people all have a limit on what they may be prepared to lose so not surprised their is downward pressure. Spread is about 1.01/1.03p very narrow volume suggest may have another tick down
Agree mate lets hope talks with the new owners go well and we get a further rns of intentions and hopefully we can enjoy upside with this backer. They have several mine interests in Zimbabwe so they know about the market there and how things work - experience in Zim will be very useful to CAN Slow day GL
They are better equipped to get this moving in the right direction and if they did want to take out the remaining shareholders the cost to them would be around £2m for a 2p offer. They are more likely to offer cash then script (not wanting to issue a bunch of ND shares to thousands of shareholders) Its okay to issue large stakes to the three largest shareholders provides better stability fo their own share price.