The Speculator

Conflicts between various stakeholders in Coalworks prompt a sell-down, despite a bid from Whitehaven Coal.

PORTFOLIO POINT: Takeover target Coalworks is out of favour due to stakeholder conflicts, but we top-up our holding in emerging gold miner Cortona Resources.

Conventional wisdom says one doesn’t sell out of a takeover target as soon as the initial bid is made because the chances are it may be raised through a rival offer.

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