AS OF 11.30 this morning Fairfax shares were down another tick, to 57 cents. Watch the volume through the remainder of the session. If previous patterns repeat themselves, the volume of shares changing hands will rise in the late afternoon and the price will return to somewhere near where it started.
Someone is buying on the dips, or so it appears. Given that Mrs Rinehart is very close to her 19.9% threshold, can they all be going to her?
Wouldn't it be interesting if she has an ally or two taking positions in FXJ. By the way, what has Clive Palmer been up to lately?
UPDATE: According to a news flash on 3AW, Phage editor Paul Ramadge is just now informing staff that he is standing down. It must gratify the newspaper's anti-Rinehart activists to see their captain first into the lifeboat.
UPDATE II: Heads rolling at the Silly as well.
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So much enjoyed the posting, Prof. It's good to have you back again in fine fettle. Regarding the staff at Fairfax, your comment on the captain being first into the lifeboat says it all I think. So many sub-standard 'journalists' and so few jobs..... someones got to be first....
ReplyDeleteOh, I forgot to add...you attract a much better class of crrespondents
ReplyDeleteI doubt that Rinehart and Palmer would agree on the colour of an orange. More likely its a speculator riding on her coat tails. Or just Gina herself maxing out.
ReplyDeleteWhen you are on a sinking ship there is no point staying around to look at the view.
ReplyDeleteFXJ is going to zero.
The Fairfax saga is getting as gratifying to watch as the implosion of the Australian Democrats was.
ReplyDeleteWill there be sequels ?
"The Commercialisation of the ABC - Anything For a Buck"
"Pushing Up Organic Vegetables - The Composting of the Australian Greens"
"Dateline, 2053 - The new Labor Government returned to the Treasury benches today with new-found sympathy for the State of Israel after spending 40 years in the wilderness....."
Bloody Fairfax, still a worry......how much lower before it's a buy?
ReplyDeleteMaybe there's a $ in a dead cat bounce before Gina decides on which bits of rotting Leftard carrion she wants to keep.
Well-intentioned friends! The plot thickens very nicely. What a stew.
ReplyDeleteTitanic analogies are entirely satisfactory right now, too. Keep 'em coming, Prof.
.... and that is why they are wielding the Fairf-axe
ReplyDeletethe Irish Lion
I hear a 1992 charter "bound" the Fairfax board to ensure editorial independence.
ReplyDeleteFunny that.
Back in February 1996, you see, there was a very serious environmental transport accident in Sydney involving toxic newsprint chemicals, high explosives and schoolchildren.
The Fairfax Board ordered a news embargo with even the ABC complying. All that got out was a one liner in Column 8.
Yes funny- the joke in that instance being the charter of editorial independence.
If there is one thing better than Gina buying Fairfax, it would be Gina selling Fairfax.
ReplyDeleteFrom last nights 4 Corners http://www.abc.net.au/4corners/documents/gina2012/QandA_Gina.pdf
"HPPL had hoped that Mrs Rinehart may be viewed by the Board as a successful business person and a necessary “white knight” with mutual interest in a
sustainable Fairfax, however unless director positions are offered without unsuitable conditions, Mrs Rinehart is unable to assist Fairfax at this time. HPPL may hence sell its interest, and may consider repurchasing at some other time."
I would love to see a massive sell off of Fairfax. How low could it go?