STX OSV @ $1.275

Sell @ $1.275

Contra off 2 of my recent buys. Couldn't contra off all as my selling limit was hit (due to recent selling of Popular Hldgs shares). By the time the limit was raised, share price had retraced and I've also decided to hold it as I have become greedy for bigger profits. 😀

What's interesting today was the SGX Annc after lunch by Oz. They'd tendered their acceptance for 50Mil shares, leaving a balance of 13,316,000 shares (also sold 5.15Mil yesterday) or 1.13%.

The run-up in share price happened after the SGX Annc. Prior to that, it was hovering aro' $1.225 / $1.23.

Some thots,

1. I'm hopeful that Oz may not sell off their balance 1.13% stake. In such a case, prices may not stay depressed going forward
2. Although this Offer is unlikely to succeed, it looks like Fincantieri may get a lot more acceptance than I'd previously imagined. Still, I'm guessing they'll at most end up with <60%
3. The non-stop selling by Oz had been well absorbed. I'm thinking that many are likely Traders who're in it for the short term. If so, any huge price rise will likely be quickly sold down.

Based on my thots', I'll most likely divest all my shares if the price hits >$1.30 or even close to it. As profitability was on the decline (down cycle) and Balance Sheet is not fantastic (Debt > Cash), I'd prefer to wait for a stronger confirmation of the return of their upcycle before committing for the longer term. Nevertheless, after my selling today, I ought to be able to sleep better tonight as I'd previously bought too many when it kept dropping… 😀