MIC 1:1 stock rights offering and flag/pennant formation
Multitech Investments Corp. Date : 09/20/2007 Listed firm to conduct 1:1 stock rights offering Publicly listed Multitech Investments Corp. said yesterday (19 Septmeber 2007) that it would offer 8M new common shares to its shareholders to raise funds for its plan to acquire mining tenements. In a disclosure to the PSE, corporate information officer Ana Maria A. Katigbak said the company would allow shareholders to buy one share for every share they already hold. The subscription price, she added, would be at the par value of P1 per share. MIC = 5.7 (0.0%) There is a lot of interest in MIC this trading day. This is not only because it is the stock pick of most of the respected technicians kind (and brave) enough to share with us their valuable analysis and expertise. As a technical analysis enthusiasts, we can see that there is a 2-day pole made when MIC broke out of its resistance at 5.2 with big volume. After which MIC tested the support at 5.2 (which was the previous resistance)...