Wow, are my eyes deceiving me? 96 million in volume traded at $1.12 (yahoo finance)..
The translated to about $107 million worth of Minzhong shares exchanged hands today.
Good to see indofood putting its $$ where its mouth is. It gives retail investors a chance to exit without loss.
However, i hope its not a case of "cutting off the nose to spite the face" for indofood.
All these drama is more interesting than a tv soap opera....
yeah, retail investors are quite heng this time
I think the offer is quite fair, retail investors should just take the $$ and run road haha
(02-09-2013, 03:59 PM)felixleong Wrote: [ -> ]yeah, retail investors are quite heng this time
I think the offer is quite fair, retail investors should just take the $$ and run road haha
IIRC, CMZ has about $1.5 worth of tangible assets. This would be 25% discount to its NTA. And only about 4x ytd PE...
Not counting the potential growth next Financial Year due to the strategic partnership between CMZ and Indofood earlier this year.
Agreed Felix, PT food can choose to fight those accusation and lift at those pathetic level subsquently buy back at those price allow shortist to come and then trigger a GO or MO.
This time round its really taking a swipe at the Glaucus. Want them DEAD.
Maybe Glaucus have already covered most of their shorts?
From
SGX, the Short Selling data for CMZ,
[wrap]
[table=Week]
19 August 2013 to 23 August 2013
12 August 2013 to 16 August 2013
05 August 2013 to 09 August 2013
29 July 2013 to 02 August 2013
22 July 2013 to 26 July 2013
15 July 2013 to 19 July 2013
08 July 2013 to 12 July 2013
01 July 2013 to 05 July 2013[/table]
[table=Numbers]
5,795,000
6,191,000
2,274,000
3,448,000
1,206,000
156,000
234,000
562,000[/table]
[table=Dollar Value]
$5,950,410
$6,655,965
$2,409,305
$3,700,830
$1,328,295
$174,555
$258,970
$580,940 [/table]
[table=Average Unit Price]
$1.027
$1.075
$1.060
$1.073
$1.101
$1.119
$1.107
$1.034 [/table]
[/wrap]
If I were to hazard a guess, Glaucus may have started shorting from 22-Jul week as we can see the volume starting to pick up. Of course they may have started shorting earlier but I didn't dig for earlier SGX data... Average short prices are all below IndoFood Offer of $1.12. If I'm correct, I don't think (just a ball park estimate plucked from the air) their damage would be >$1Mil as the price upside is "fortunately" capped at aro' $1.12 (due to IndoFood Offer)..
"According to Greek mythology, Glaucus, a god of the sea blessed with the power of prophecy, frequently came to the rescue of distressed sailors and fisherman."
Looks like Indofood is the Glaucus to ChinaMinzhong this time round.