OMC - Omegacorp Limited

[Sean K]

Lesson to all: he who hesitates is lost. $0.68 now.

 

[YOUNG_TRADER]

Hi K-Man,

I actually had it break out twice, 1st failed breakout 8/8/06, I notice you then adjusted your triangle to make trading fit in, being a novice charter and lazy I didn't, so I noticed it breakout out on Wed this time above 55c (my triangle was actually a wedge,

While I still am not 100% convinced about charting, I have to admit it was quite coincidental the breakout and all,

Also probably helped that mkt is made aware JP Morgan becam a substanital holder,

I'm out, sold into strength, tidy quick profit

 

[Sean K]

Hey YT, Good work. Seems to pay to buy into these quick jumps atm. Not real great vol on this this am, so made me hesitate.

 

[YOUNG_TRADER]

Hey YT, Good work. Seems to pay to buy into these quick jumps atm. Not real great vol on this this am, so made me hesitate.

I owe it to you, your Wedge/Pennant Theory was what made me jump in,

Interesting to note its mkt cap is now @ the $100m mark

 

[YOUNG_TRADER]

By the way, per you location, is that Brunswick St Melb?

And whats the Black Cat?

 

[Sean K]

Yep, Fitzroy. BC is a bar about 50m from my front door. I spend too much time there. Will be there at 5.30, if you're about.

OMC came off highs and $0.65 playing resistance as expected. If it gets through this next level then $0.75 on the cards, so plenty of run left imo. Needs to hold above $0.60 though, which should be a decent support level now.

 

[Sean K]

Just held above $0.60, well at .60.

Pulled my bid as it started to come down noting no follow through and the likely dumping by traders. Wild day, glad I didn't chase it, not convinced of breakout.

So, still not confirmed imo, will have to see how it goes next week.......Will $0.60 provide support?

 

[nizar]

Interesting to note its mkt cap is now @ the $100m mark

Actually its closer to $60million

They have only about 100million shares on issue

 

[YOUNG_TRADER]

Actually its closer to $60million

They have only about 100million shares on issue

Nope 150m, quoted + unquoted including recent placement,


Its essential to check the Appendix 3B reports and look at the quoted and unqouted to get a fully dilluted mkt cap


So 150m and price was around 65c mark when I posted = $97.5m

Point is that $100m mkt cap can become a barrier to overcome (See COE) and once overcome if it falls through you see alot of selling exists (Again see COE)

 

[nizar]

Sorry YT ur quite right i forgot about the placement

 

[Sean K]

I'm becomming more confident that this is starting to break up, after sellers won control of OMC after that huge rise and then sell off last Thursday. Needs to stay above $0.60 before I'll consider a buy. Still very interesting position.

 

[Sean K]

In at $0.61, looks to be going up.

 

[nizar]

In at $0.61, looks to be going up.

yeah kennas i got in monday as well at 59c... looks to be a winner... volumes are looking healthy and have been picking up the last week or so...

look at the depth and see how thin the sell side is... if the volume is there 2mrw like around half mil 70c is possible...

 

[56gsa]

Could the recent interest in OMC be because the priority entitlement date closed off on 21 AUgust for the Mantra IPO?

Anyone exmained the prospectus for Mantra - worth a look?

 

[Sean K]

yeah kennas i got in monday as well at 59c... looks to be a winner... volumes are looking healthy and have been picking up the last week or so...

look at the depth and see how thin the sell side is... if the volume is there 2mrw like around half mil 70c is possible...

Sell side still very thin. Perhaps those buying in for the priority issue are going to hold for the issue unless they get a big premium now.

 

[nizar]

Could the recent interest in OMC be because the priority entitlement date closed off on 21 AUgust for the Mantra IPO?

Anyone exmained the prospectus for Mantra - worth a look?

*5,000sq km of land in Tanzania
*OMC spin-off
*Good history of drilling and high grades have been found
*Raising only $6.4million ---> market cap of only $6.4million on listing
*22million shares priority offer
*10million shares public offer
*Priority for OMC shareholders; but only 1-for-6... not the best conditions i must say if u hold 60,000 OMC shares ($30k worth) u can only apply for 10,000 ($2k worth) of Mantra shares under priority offer and the rest under public offer

I might have a deeper look into this but it looks good; at this market cap u cant really go wrong

 

[56gsa]

thanks nizar - might be worthwhile having a thread on uranium floats - performance of recent ones, as well as upcoming ones - i know MTN and BTV shareholders also have priority for upcoming U308 floats... if i get time today might start this off...

 

[nizar]

Good to see someone FINALLY opened the bidding

I thought it was in trading halt for a second there, all we need now is volume and a close above 65c and its game on...

 

[Sean K]

OMC rising very steadily. Nice 300K parcel just went thrugh at $0.68, looks to be generally going up now. Next target $0.75. I'm just trading this so will probably jump out there, depending on any anns.

 

[nizar]

OMC rising very steadily. Nice 300K parcel just went thrugh at $0.68, looks to be generally going up now. Next target $0.75. I'm just trading this so will probably jump out there, depending on any anns.

yeh kennas i saw that 300k chomp
this ones looking good, as u say rising steadily buy slow and steady wins the race and increasing volumes
75c is the first point of resistance, will need volume to smash it and it may well do, we'll see how it goes next week