(From Business Day (South Africa))
Byline: Viwe Tlaleane
Sudden buzz for GVM GVM Metals shares, which generally trade fewer than 10000 a day in typically illiquid fashion for secondary listings, registered a surprising volume of 12,2-million shares on the JSE yesterday about 10% of the shares in issue. The stock closed at 450c and the only news on the company was its release of the quarterly and half-year report for the period to December.
At 450c the shares are still more than the 372c direct conversion of the current share price on the Australian Stock Exchange (A$0,66 at R5,64 to the Australian dollar), so it clearly offers arbitrage …