A severe and brutal resource downgrade has hit ROC.AX today. It went down 32% on the day. What was painful about it was the fact that there was sell down just two days before the announcement, AS IF, some people have already known about the downgrade. A case of insider trading??
On the interview at the boardroom radio, the management did not seem to sure how this could happen. This is a 25% downgrade of the main asset!!
BPT who is also a JV partner (owns 30% of BMG - The same proportion as ROC - 30%) did some damage control by saying that it only affect the company 2% of final asset..(BPT down 7%..)
What about ROC??? Nothing?? Zilch
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