As at 11.30am, 89,156,060 shares had traded hands.
(That equates to $463 million at $5.20)
Given a market cap of $10,679 million and a current share price of $5.20. Doesn't that mean that about 4.3% of the shares available have already traded today?
Pity the private equity people couldn't get that sort of sale action!
Wonder how long that price will remain so that the overseas hedge funds can bail out.
Will be interested to see what institutions have bought in.
I'm guessing there's still some hope of a renewed bid, and a renewed bid would have to be a couple of $$ higher to get off the ground. Not to mention the profit upgrades and current optimism in the airline industry in general.
My shares are still stuck in the 'reserved units' column so I guess I can't trade them yet anyway.
I've held them for only about 9 months, (one of my better buys) so I'm up for a big tax bill if I sell out now.... wonder if I can hold out for another 3 months???
With the combined ann of; APA will not renew the bid and are looking else-where; and Ms Jacksons resignation/retirement; you would think the level of uncertainty surrounding this stock is such that it is a standout shorting opportunity (in the short term, 1-2 weeks) with the indicated open around $5.25 this morning.