Just spoke with my contact who works with JER. As I suspected, he says there were 2 shareholders who had wanted out, and there were some brokers who recently found out about JER (Carmanah investors) and wanted in. In the thin market, the brokers let the sellers sell the stock down, and then crossed them at the low for the rest of their shares.
The former shareholders are out now, and the brokers have been accumulating whatever they can. Watch CIBC on level II, and you can see them gulping up whatever shares they can get. My contact says they visited the Delta plant, spoke with management, got the vision, and love the stock.
Since JER has plenty of cash and has no plans for any more financings, the CIBC guys have to buy their shares on the open market. They're happy to get whatever they can at these levels, below the $1.10 level where the last financing was last year.
The guy I spoke with owns a lot of JER, so take what he says with a grain of salt, but it makes a lot of sense to me. I do see a lot of CIBC bidding. |
