MMT finds no insider dealing in Warderly shares

We don't disagree with the finding, but we annotate errors in the report regarding the outcome of an open offer. The MMT finds that when the duo sold shares in 2007, the information was no longer material, as the company was publicly known to be in difficulty and the stock was trading on its shell potential. Also, the alleged loss avoided becomes a profit avoided if the open offer had been taken up. Incidentally, Warderly is now known as Fullshare (0607) and in our view it is a bubble stock on 9x NAV, part of which is shares in another bubble stock, Zall (2098) which trades around 4x NAV.

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