There is a cash offer of 23.5 cents for the stock. This is at a discount of more than 27% to its NAV. The stock’s all-time closing high was at 28 cents earlier this year. Technically, a break above 28 cents would indicate a new upside of 36 cents, above the NAV per share of 32.2 cents.
The moving averages are turning positive, and quarterly momentum has already turned positive. However, the offeror has stated that it does not intend to revise the offer price. Against this background, it is difficult to expect further upside for this counter in the short term.
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