City Share Price Movements (Week Ending 27.4.07)
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.
What a week! On 24 April 2007 Manchester City Plc were forced to give a statement to Plus Markets following Stuart Pearce speculating in the media about takeovers and investment. Manchester City Plc also confirmed that it "remains in preliminary discussions with third parties that may or may not lead to an offer being made for the Company."
What followed after that appears to be a "tit for tat" exchange between Ray Ranson and Manchester City Plc with both parties issuing statements about their views of the situation. To the neutral observer it would appear that Ray Ranson has been trying for some time to obtain sufficient financial information & due diligence to enable him to make a formal offer however, for various reasons he has been unable to attain it.
Rumours continue that an anonymous American consortium remain interested and the rumour that the ex-Thai Prime Minister was interested seems to have disappeared as quickly as it appeared.
We ended the week with a quirky situation. Manchester City Plc shares are only traded by one market maker and to a certain degree the price is at their mercy. Following the speculation and rumours, the bid/ offer price was moved to 30p/ 50p yesterday resulting in share activity in Manchester City Plc stopping. With no regulatory reason to suspend the shares it is more than likely that the market maker decided to place the wide spreads as a way to stop speculation and possible loss (to them).
Will there be more of the same next week? Who knows! We'll have to wait and see!
Finishing price (mid): 40p
Bid price: 30p
Offer price: 50p
Share price movement for the week:-
Total volume for the week: 1,100
All information taken from Plus Markets Group