takeoverrr
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NBR says Sky got $350m of those dreaded USPP debt …some due next March
Suppose they couldn’t resist a headline like
SkyCity’s Ryman nightmare
https://www.nbr.co.nz/hunters-corner...man-nightmare/
Prob paywalled
peak bad news cant be too far away... I think there is one more piece of bad news to come with the DIA discussions in June...
Interesting to see which way this goes today. Some institutions will want to get out and take a while to make the decision. My 2c is that we will see it drift lower still over the next few weeks,
2.5m trade before the open at $1.485
Not taking it seriously don’t worry.
But in fact some very serious people take the $1 stock thing seriously - none other than NASDAQ have this absurd rule that if a stock price is under $1 for a certain amount of time, then the company must delist! Its so weird, makes no allowance for market cap or profitability - so usually when a company finds itself in that situation they simply do a reverse stock split (and nothing else) and NASDAQ is then fine with them remaining listed.
Looking at its assets, its pretty attractive to someone as a takeover target considering a long term slice & dice. Private equity might be sniffing.
Time for ...
A couple of cheap Casinos going - owned by one listed company on hard times & looking for a takeout .. or too early yet ? ;)
There is a reason for the rule. When a share trades for $1, a one cent rise is a rise of one percent. When a share trades for 10c, a one cent rise is a rise of ten percent. So the exchange is concerned about a lack of liquidity. In low volume stocks there can be major movements and more scope for manipulation and fraudsters. You could argue the $1 barrier is too high but they have to have the barrier at some level and better for it to be in the high side than low side.
What was the NZX halt on SKC Trading earlier this afternoon all about ?
ASX remained trading without restriction