The story behind this stock seems to be excellant. Fenway is developing a cement plant in the Philippines, and understand that sometime in Nov they will have their approval with the Philippine government. They already have the financial backing, as indicated in press releases, and it appears that ground breaking will start immediately after.
The stock price is now at $8.40 Canadian. The stock only trades in the 10,000 - 15,000 shares per day range; however I confirmed that last Friday (10/18), that there was 1 single 100,000 share block traded, and again on 10/22, another single 90,000 share block. These can be confirmed by yr broker, and it wont be difficult since there are only a few trades per day. Recall that the price of these shares were traded around $7.10 Canadian.
In speaking with the company they project that once the plant is in operation 18-24 months, the stock should be in the $35-50 range, just to begin with. This projection is based on the huge demand for cement for a developing country and surrounding developing markets (roads, buildings, etc). Not that I don't believe such, but what I do strongly believe is when they actually break ground and the money starts flowing from the loans - this stock, will quickly pop nicely to the teens and may even approach 20.
If anyone is interested, do yr homework. Check out the website at www.stockgroup.com/FWY.html and call them at 604 844-2267. Plenty of information on their website (IE: press releases/charts/etc). |
