City Share Price Movements (Week Ending 23.2.07)
This is the weekly article charting Manchester City Plc's share price movements during the last week. The price doesn't usually move very much and not many shares are usually traded, so you can pick up here at the end of each week our summary of the week gone by.
The takeover/ investment announcement we were all waiting for came last week. This would appear to have come after press speculation forced our Club to clarify the situation. It was originally expected that our Club would make an announcement when publishing their six month figures next week.
Under the Takeover Code there is no requirement to make an announcement when announcing results however, it is common practice for companies in such positions (in discussions that might lead to an offer or investment being made) to do just that.
All of the share activity last week happened after the announcement was made and resulted in the shares going back up to previous levels. The share price movement does not reflect activity though. When you look at the trades it would appear that more shares have been sold then purchased. The move upwards, therefore, is probably more due to stockbrokers upping their bid and offer prices as opposed to real interest in the shares. With approximately 55m shares in issue, the amount of shares traded last week is relatively small but more admittedly than normal!
Next week might prove an interesting time with rumours circulating Manchester that our Club has a board meeting on Monday to discuss two bids. Of course, this is just a rumour and we'll have to sit back and wait to see what happens.
Finishing price (mid): 33p
Bid price: 31p
Offer price: 35p
Share price movement for the week:-
Total volume for the week: 35,971
All information taken from Plus Markets Group