MFG -5.79%: hit hard today from 2.30 pm onwards when an article dropped that said Regal’s (RPL) purchase of ~$112m in MFG stock from founder Chris Mackay at $9.40 was more about short covering than a play for the asset manager. While it seems likely that some of the purchase did cover a short, there is every chance that the trade would send them from net short to net long. In any case, the stock didn’t react favourably when it was thought RPL had made an outright long bet, so why has the stock fallen so much on this machination of the scrip.
- We think MFG is a buy <$9 into this news and subsequent share price dip.
MM remains long & bullish MFG across two portfolios
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