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CEO Mr. SUNNY GEORGE VERGHESE bought 1 mil shares from open market @ price $1.54 today
http://info.sgx.com/webcoranncatth.nsf/V...6001DE7E6/$file/Form1_SV.pdf?openelement
I use to focus on insider buying which usually give useful indicators depending on timing, occasions and of course amount/price paid
The purchase is done today, and it is quickly announced at around 1:30 pm today. It shows Mr Sunny eagerness to show his commitment.
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Smart move by MW to offer to pay for olam debt rating.
Olam is now in a lose-lose situation. If olam reject the offer, the perception will be it has got something to hide. If olam accept the offer, chances are the rating will be low due to its highly leveraged business model.
I cant believe none of olam's debt is rated by an independent party so far! Amazing.
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(30-11-2012, 01:58 PM)CityFarmer Wrote: CEO Mr. SUNNY GEORGE VERGHESE bought 1 mil shares from open market @ price $1.54 today
http://info.sgx.com/webcoranncatth.nsf/V...6001DE7E6/$file/Form1_SV.pdf?openelement
I use to focus on insider buying which usually give useful indicators depending on timing, occasions and of course amount/price paid
The purchase is done today, and it is quickly announced at around 1:30 pm today. It shows Mr Sunny eagerness to show his commitment.
Sign of desperation, making matter worst only.
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Muddy Waters is definitely not only a firm that conducts independent research and do shorting.
I will liken MW to the head of a wolfpack, with all the hedge funds as the rest of the wolves.
This is practically a Nat Geo documentary layout with plenty of hyenas around, those ppl like many in this forum who are shorting Olam as well. Heynas are scavengers by the way.
Even if Olam is clean above all, I am afraid investor perception have been damaged.
MW is really smart, or arsehole to propose Olam to have the debt rated by above all, Standards and Poor.
S&P has in recent years, adopted a much harsher review stance on companies & sovereign ratings than the other two, Fitch and Moodys.
Remember who was the first to cut America sovereign rating last year?
I hope Olam would turn out fine. Personally I cannot tolerate MW to change their focus to Singapore after failing to get what they want in China. Even if Olam has conducted fradulent financial reporting, this scenario of Muddy Waters coming into Asean will only rock our financial landscape as much as what George Soros supposedly did in the past.
The repurcussions may ripple across our region again like in 1997 Asian Financial Crisis.
Innocent companies and employees would get involved should more and more big firms blew up. And we are talking about Asean countries. Why MW doesn't go hunting Western countries? Think critically. Who are those wolves behind and would they benefit from destabilising Western economies?
Will Temasek come in and bail them out if required? I wouldn't dare to bet on that though Mr Verghese kept emphasising Temasek hand in Olam.
Yes, Temasek has 16% in the 3.8billion cap Olam.
But hey.. Temasek has lost MORE than that during 08 financial crisis. If Temasek is to go full hand into Olam and it blows up, I bet our highest leaders of this country will be peeing in their pants, WHOSE GRC is to go next in GE 2016.
There is a amount of political factor within this now. And that makes the "TOO BIG TO FAIL" reasoning a big unknown.
The above are my personal opinion and not factually derived. You may have alternative opinions.
Cheers.
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This saga is getting interesting!
For non-vested people like me it's a case study.
For vested interests, it must be hallowing!
It's an interesting parallel to HP's M&A of Autonomy - army of lawyers, auditors, accountants count for naught if there is willing buyer and willing seller.
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I managed to get 16 lots to short. i take it as a (possibly) expensive ticket to a boxing match. haha.
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(30-11-2012, 03:49 PM)godjira1 Wrote: I managed to get 16 lots to short. i take it as a (possibly) expensive ticket to a boxing match. haha.
It is an expensive boxing match ticket with betting included
Just make sure you remember to cover the short, instead of forget about it till the end of the match...
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡
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Well, now Muddy Waters threatening to sue Olam. The saga continues.
You can count on the greed of man for the next recession to happen.
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