dropping again, thing is a lot of short termers will be getting out at 25% profit - you can't blame them
It is hard to fault this morning's announcement. First- it is made first thing on a Monday- a week ahead of expectations- and a sign of confidence (bad news is slipped out at COB on a Friday). Secondly the numbers are in line with expectations. Thirdly the reassertion of guidance for the second half of the year. And lastly the appointment of David Currie- what in the City would be described as "a safe pair of hands" - Currie is a class act, and he wouldn't be doing this if he hadn't done his own due diligence. As short positions unwind, and institutions digest this mornings' news, there is a real chance the price will move sharply ahead. Don't be fixated about the shorters- the key drive to the share price will be serious buying interest, and the announcement today can only help that- it looks like the management are finally listening to/ getting good advice on how to communicate with the market.
David Currie, the ex-head of Investec Corporate Finance, is known as a very sensible, measured individual. He will not have accepted this positon if he thought there were any major reputational issues to face. His appointment will reassure a number of instituional investors. I have bought a further paltry 2411 shares this morning.
This needs another 20% before we can take it seriously - wouldn't surprise me at all to see 190 this week. Bloody shorters still sniffing around.
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