Firstly I like a challenge. Secondly ZFX holders can't expect to walk over AGM holders. It is they little boy standing up to the big bully. Thirdly ZFX holders post on the AGM thread. You dont have to read my posts. My aren't ZFX holders touchy.
With today's drop in share price for ZFX of almost another 5% for Zinifex to below $9.50, that dividend return is looking even more attractive.
Any thoughts on where the next level of support would be for Zinifex, or whether we'll see some buying on the run up to the Dividend record date?
It still surprises me that a company which is producing, has cashflow to return such a high dividend to shareholders should have more than 60% of its value wiped in less than 6 months (even with the declining Zinc price). Possibly oversold? Perhaps when the AGM business is resolved one way or the other, confidence will return to the stock?
Cheers,
Kruegs
Allegiance publicly expressed its concern that the market was not informed about Zinifex's intentions and invited Zinifex to inform the market, but Zinifex made no public statement until approximately 7.30pm when Zinifex advised the market that its offer had been extended.
The Allegiance Directors reiterate their unanimous recommendation to shareholders that they REJECT Zinifex’s unsolicited, opportunistic and inadequate offer and to IGNORE all correspondence received from Zinifex.
Yours sincerely
Tony Howland-Rose
MSc, DIC, FGS, FIMMM, FAusIMM, MAICD, FAIG, CEng
Chairman
Zinifex's turn:
“Allegiance is not the only game in town. We have other opportunities we are
assessing”, Mr Michelmore said.
Reading all this tit for tat between AGM and ZFX, I'd think it is perhaps better for ZFX to move on and look at other opportunities. If they do, how do they get rid of the shares they already bought though? If they dump them all on market, they're sure to make a loss. Bit of a catch 22 here.
Reading all this tit for tat between AGM and ZFX, I'd think it is perhaps better for ZFX to move on and look at other opportunities. If they do, how do they get rid of the shares they already bought though? If they dump them all on market, they're sure to make a loss. Bit of a catch 22 here.
It's seems odd that Barclays are buying, since I have checked my managed funds with Colonial and they have just ditched Zinifex - quoting worries of sustainable profits.
Barclays have 10% they can either take the dividend and then quietly sell off as the share price recovers or they can keep on accumulating up to 19 % and then say to bhp or rio Hey Guys ya wonna by a Zinker ? sort of TO by stealth the exact opposite of how ZFX hit AGM.
By law the large funds, here and in England have to be so much cash, so much bonds and so much shares. Taking it that Barclays have just sold down their US and pommie port folio's they have to put Huge amounts of cash somewhere, So who has got one of the strongest currencies and the highest interest rates in the world? along of course with a pommy style legal system and to make it perfect we speak english, sort of (the lower case "e" on english was deliberate) basically they have done their dough in the northern hemisphere so they scuttled down here to heal up and grow again.
Of course if one was a complete Cynic one could say that this tiny investment would give the directors an excuse to take a tax deductible trip to the colony to see how the investment is going, probably the same time that the cricket is on
Happyjack
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