Friday, October 27, 2006

Someone has their eyes on Webjet

Two weeks ago Webjet sent out good news to the market that it was headed for a record quarter. Wednesday Webjet saw its biggest trading day ever with more than 10 mm shares changing hands and another 8mm on Thursday. Today is 3.5mm and climbing. The ASX asked Webjet to let us in on the big secret - who is buying and why - but Webjet says they have no idea who it is (ASX statement here - registration required). Stock rocketed from 34 to 42 cents as a result. No way is this just a reaction to good news. Someone is hunting for at least a strategic stake but maybe a magic 14.9-19.9% to get a board seat as a precursor to launching a full scale bid. Who could it be now knocking on that door.

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