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Price currently $28.00 (up 1%) but has been up to the $29s.

I'm smiling !! - it's up about $3 since I bought on Monday !! One of my few gainers !!
Interesting situation with regards to Centennial Coal at present.
I have been down quite a bit on this one with the price down to $1.62 at one time. It then announced that it was aquiring a big NSW group of mines and was floating more equity to pay for it. Existing shareholders were offered the new shares at $1.55 based upon their existing holding.
Since then the price has risen to $1.86 and is still rising - the new float still has about two weeks to go before closing and it's obvious that investors are buying up large in order to score some of the $1.55 shares on offer.
However, I'm sceptical because having been bitten once before in a similar situation I know that as soon as these new investors have got their new shares in their hands they will dump them on the market in the expectation that they will gain the difference between $1.55 and the present price. Ha,ha!! - no guessing what happens to the price when they do this !!
I'll wait until I think the price has risen close to the top and then sell before the new issue closes and also pick an interim dividend of eight cents per share - this may bring me close to what I paid originally.
"A cunning plot, my Lord" as Baldrick would say to the Black Adder.
We'll see how it plays out.
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