Update: In a last minute-burst of trading, ERHE's share price rose another $0.03 to $0.43. The nine Form T trades for a total of 46,700 shares ended a remarkable day in which Buys ran ahead of Sells by a margin greater than 4:1 and some 5,371,800 shares traded before the after-hours trades were recorded. The Form T trades were a half-cent higher than the $0.425 close.
The closing price of ERHE today may be the closing price for company's buyout, if my intuitions are correct. When I cautioned investors about a possible surprise the other day, I felt strongly that a buyout would be announced at a time when many investors were on vacation and away from the market, maximizing the ability of the buyer to drive the price down, start buying in earnest, and close out his deal with an after-the-bell announcement.
Whatever the price, it appears to be a near-certainty that either an announcement will be made after the closing bell or a Barry Morgan story tonight in UpstreamOnline will reveal further details on the buyout offer he disclosed a month ago.
About 5 million shares have moved as the day enters its final hour, with Buys still running about 3.8:1 over Sells. No disclosure whatever concerning the large-scale purchases has otherwise been made.
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