... and as Benjamin Graham said "In the short term the market is a voting machine in the long term it is a weighing machine".
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Gee...down on good volume....like i mean really good volume....to
me its crazy.....am I missing something......Origin perhaps.....I bought some under $7......what to do.............
Could be contact is down for the same reason that nz windfarms are about to go up.
The govt commitment to renewable energy.
The CEN half yearly report shows that the company supports the 90% renewable energy by 2025 target set by the government. The company already has some well established major renewable energy assets such as the Clyde Dam, and Lake Hawea which it has consents to squeeze more energy out of. Combined with geothermal and wind, this side of the company is looking good. The development of fast peaking gas generation at Stratford should also be a highly profitable area in the near future.
When are Origin going to have another crack at a takeover? The S.P. isn't going to go much lower is it?
I can't see why the sp wouldn't go down further. I've been a holder from the beginning and it has always seemed to me that if you were a trader you could probably have done okay with this one, it seems to go up and down (with large variations in price) on a regular cycle. I actually sold out last week for the first time at $8.60 (and got the div) and will be looking at getting back in once it drops a bit lower.
Certainly a share I want to be holding, but in the present climate thought I'd cash up and get back in at a lower price soon.
What has happened. Big jump in price in last 20 min but no announcement?
Origin Energy, 51 per cent owner of New Zealand's Contact Energy, has been approached by BG Group of the UK about a proposal to take over the company.
BG Group is proposing $A14.70 ($NZ17.88) cash per Origin share, valuing the target at about $A12.91 billion.
Origin shares ended yesterday at $A10.47, valuing it at $A9.20 billion.
"Origin has not yet considered the proposal," it said.
"Discussions between the parties will take place and shareholders will be advised of the outcome.
"These discussions may or may not lead to an agreed transaction."
Origin today advised its shareholders to take no action pending further advice from the company.
BG Group's proposal is subject to shareholder and regulatory approvals.
BG Group operaties in 27 countries and is a leading player in the global energy market.
Contact shares jumped 9 per cent, or 77 cents, to $10.15, on the prospect it might also receive a takeover offer.
http://www.stuff.co.nz/4503588a13.html