Alan Joyce

I do not own Qantas shares, and barely know its CEO until this weekend.  The industrial action that led to the grounding of Qantas' entire fleet sort of forced people to look at him. Who's Alan Joyce, and do you think he is worth his pay?

I kind of almost like Alan Joyce (..fyi I detest most directors..). I think he's worth every cent they pay him.

Locating the Exit

Everything is rosy on the headlines.. The stock market poised for the biggest monthly gain since 1988, The RBA 'might' cut the interest rate, The authority said that housing prices are not falling in Australia, Euro zone and Greek problems are solved, US GDP increase by a lot and Pharmaxis won positive opinion for their Bronchitol in Europe (this probably only applied to its shareholders).

Then again, things just does not seems 100% right. Close at home unemployment is creeping up, some says that housing price fall are accelerating, and Greek..? Do you think their problem is solved by Euro bailout? US housing and debt problem..?

And China.. how many doubts about their health we have heard lately?  Hard landing is coming in China, warned Dr Doom, Nouriel Roubini.

Technically, it's probably we have enough market rally recently.  Heading for the exit?

More Drama for Sundance Resources Shareholders

Sundance Resources has been placed in a trading halt again this morning.
The company requested the trading halt in response to media speculation that Hanlong Mining's takeover offer is being held up by Australian FRIB due to investigation into Hanlong's executives insider trading.
More drama to come?
Meanwhile, a stock forum that actively discussing this takeover offer and market manipulation of SDL stock prices at this time of writing is also down, with only error message displayed.  

What is Happening with Sundance Resources Share Price?

Sundance Resources was on the news quite often lately. Most of the news are related to the takeover bid by China's Hanlong. A few months ago, Sundance was approach by Hanlong (who's already one of its biggest shareholder) of a takeover.  Hanlong offered $AUD 0.50 per share and was declined by Sundance's management.

About three weeks ago, Sundance was on the news again. This time was about insider trading.  Top executive of Hanlong Mining in Australia was alleged of trading Sundance's stocks with the possession of  material information. While ASIC is doing its investigation, Sundance and Hanlong said that they still doing negotiation regarding the takeover.

Few days ago, Hanlong increased its original $0.50 per share offer to $0.57 per share.  This offer wins the board approval.  Sundance Resources board has endorsed an improved $1.65 billion takeover from the Chinese.

Hurray..NOT.

I do not know what happen, but despite $0.57 on the table and over 600 points rally in the Dow (and probably 5% rally in ASX), Sundance Resources' share price continue to slide on a depressing $0.445.  No rally, and definitely no jump.  When the whole ASX market up by 3.5%, Sundance down 2%.  To make matter worse, the sell side of the depth always over 100 millions more than the buy side.

Market manipulation perhaps?

And what about the chinese media that already published the takeover price of $0.57 one day before it announced officially in Australia? Is that why the share price climbed up quickly to $0.43 few days before it announced?

Obviously a lot of shareholders are not very happy with the offer. But over 120 millions of shares are offered for sale is a bit ridiculous to say the least.  I wonder if Hanlong is permitted to buy from the market at this level.  This will give them a chance to mop huge chunks of the company for a lot less than what they are offering.  But if they are not allowed, are they allowed to buy through proxy and using their long arm related companies to buy..?

With this (sort of) market manipulation theory, can anybody do something about it..?
Or should we buy more of Sundance shares and hold it tight until next year for $0.57 per share cash?