Australian (ASX) Stock Market Forum

MGX - Mount Gibson Iron

Jump to new
It is a fantastic trade. $41M (AUD)

The 'conditions' code is XTSPOS

XT=Crossed Trade
SP=Block Special Sale (Special crossings where the consideration is greater than $1M)
OS=Overseas

It happened just before 3.44pm

Look at what the market did when punters noticed.... (the graph below does NOT include the large trade)
 

Attachments

  • mgx.gif
    mgx.gif
    8.2 KB · Views: 400
Shougang Holdings have raised their stake in MGX from 13.11% to 18.99%. This is due to the compulsory acquisition of Aztec Resources and some on market buying.
 
fma007 said:
LOL on the day i give up on this stock, and sell out at 80c this happens.. gotta love it.
:banghead:
Click to expand...
Aren't you lucky when you look at it now. Imagine how low the price could have fallen if they hadn't cashed in with the takeover of AZR and what the AZR shareholders have missed out on by not holding out until production commenced.
 
nioka said:
Aren't you lucky when you look at it now. Imagine how low the price could have fallen if they hadn't cashed in with the takeover of AZR and what the AZR shareholders have missed out on by not holding out until production commenced.
Click to expand...

Yes! :)
 
So whats the story...? What do people expect of this stock over the short - medium term? I bought this stock at 0.835 months back on advice from a broker. I dont have too much invested (5k) but it is my largest investment in a portfolio of 13k. I had a time frame of until the start of the next financial year before needing to cash in at least half of my 13k investment. Do people have expectations of this stock over the next 6 months?

Cheers
 
MGX is doomed at this moment because of the APAC, formerly Shanghai Merchants Holding. It represents Shougang in China. APAC can only bring bad luck to MGX.

APAC is a middleman with very limited credibility. It used to deal with HAV, signed MOU, etc, etc. and suddenly pull out without any reason, made HAV SP declined over 6month.

Now it comes to MGX. You just need to wait for 5 more months...
 
shinobi346 said:
Shanghai Merchants Holdings only changed names quite recently (4th Jan) . Before that, it went into receivership.
This might have had something to do with it:
http://english.sina.com/china/1/2007/0120/101442.html
Click to expand...

Former Shanghai tycoon charged again
2007-01-20 13:32:46 Xinhua English
SHANGHAI, Jan. 21 (Xinhua) -- Former Shanghai tycoon Zhou Zhengyi has been charged with bribery and forging VAT receipts, just months after completing a three-year prison sentence, local authorities said on Sunday.
Zhou, former president of Shanghai-based property firm Nongkai Development Group, was released from prison in May after completing a three-year sentence for fraud and manipulating the stock market.
But five months later, in October, Zhou was detained as prosecutors found new clues of crime and was arrested by the municipal procuratorate on Sunday.

A further investigation on Zhou's case is underway.
Zhou, 45, who started business as a teenager in a wonton noodleshop and graduated to number 11 on Forbes' list of 100 richest mainlanders, was the majority shareholder of the Hong Kong-listed Shanghai Land Holdings and Shanghai Merchants Holdings.
In 2002, Forbes estimated Zhou's wealth at about 320 million U.S. dollars.
Also known as Chau Ching-ngai, he was convicted and sentenced at the Shanghai No. One Intermediate People's Court in June 2004 for falsifying registered capital reports and share price manipulation.
Zhou was sentenced to two years and six months in prison for manipulating share prices and one year for falsifying registered capital reports. He was totally sentenced to three years in prison, according to the verdict of the Shanghai Number One Intermediate People's Court.
Nongkai Development Group was ordered to pay a total fine of 40million yuan (5.12 million dollars), including 33 million yuan (some 4.23 million US dollars) for manipulating share prices and seven million yuan (some 0.89 million US dollars) for falsifying registered capital reports.
According to the verdict, from June 1999 to May 2003, Zhou Zhengyi was found manipulating stock prices through illegally buying and selling tradable shares of an engineering company in east China's Xuzhou city, owing 95.93 percent of the corporate shares at the peak time, which resulted in an unreasonable jump of402 percent of the stock's price.
From October 1998 to April 2000, Zhou was also accused of fabricating Nongkai's paid-up capital from the original 100 million yuan (approximately 13 million dollars) to 800 million yuan (some 102.5 million dollars) with falsified capital surplus.
In 2002, Nongkai group, having 4,000 employees, earned 540 million US dollars of sales and paid 12 million dollars in taxes.
Nongkai has four holding companies listed in Shanghai and Hong Kong, namely the Hainiao development Ltd., the Yingxiong holding company, the Shanghai Merchant holding company and the Shanghai Land holding company.
Over the past three years, Nongkai's three companies have sold their shares or stopped their trading in stock market. Zhou and his Nongkai only has 26 percent shares of Hainiao.
Mao Yuping, wife of Zhou Zhengyi, was sentenced to 32 months in prison last April by the Hong Kong District Court on charges of conspiracy of defrauding letters of credits worth 49 million HK dollars (6.3 million U.S. dollars).
Mao, 43, was charged by the Independent Commission Against Corruption for 12 counts of conspiracy to defraud letters of credits worth more than 49 million HK dollars based on bogus business transactions.
Persons involved in Zhou's case also include Tang Haigen, brother of Zhou's sister-in-law. Tang, former president of Hainiao, played an important role in Zhou's business development.
Tang, also former member of the Shanghai municipal committee of the Chinese People's Political Consultative Conference, was removed from the political advisory body last October after criminal investigations were launched against him.
Tang, 49, has been arrested on charges of embezzlement and bribery.


MGX has been disappointing, not much over the AZR T/O payout, T/O speculation at present with this mob at 18% approx ownership sounds bazaar.

ack previous research

MGX should explain the current bad sp , after all the hype with the statement of misleading share holders over funding of the former board of AZR. : confused:
DYOR
 
MGX speeding ticket response advises that Dow news Wire speculates that a take over offer is on the cards.
 
MGX appears to be coming out of a 3 month down trend. Closed at 76.5 which is just above the downward channel. Perhaps those TO rumours may have some substance?
 
An increasingly interesting stock to hold are Mount Gibson. After the recent fall, followed by recovery amidst a takeover rumour, MGX may recover further from here.
 
haemitite said:
As a former AZR holder reluctantly parted with my shares I certainly hope so
Click to expand...

Reluctantly should be in capital letters. If AZR had not been taken over by MGX it would really been firing by now.
The only thing that is saving MGX is Koolan Is.
 
nioka said:
Reluctantly should be in capital letters. If AZR had not been taken over by MGX it would really been firing by now.
The only thing that is saving MGX is Koolan Is.
Click to expand...

Very fair comment, as it was only due to a Director cave-in that AZR fell to MGX. However, don't be too upset as Mount Gibson should sort everything out in due course. Or maybe someone else will for them.
 

Similar threads

ducati916
September DDD
2 3 4
Replies
66
Views
8K
qldfrog
qldfrog
basilio
Ozempic: Magic Pill or Devils Bargain?
Replies
10
Views
1K
sptrawler
sptrawler
ducati916
August DDD
2 3 4
Replies
75
Views
18K
ducati916
ducati916
R
Value Investing
Replies
9
Views
2K
robertbanking
R
R
Marketing Timing Investing
Replies
11
Views
2K
divs4ever
divs4ever
Top