Did not realise that C&O issued a trading halt announcement. Based on the volume of shares trading up in recent weeks, I can only gather that the following may take place.
1. Privatisation. Sumitomo is trying to acquire as many shares as it can in the open market before taking the drug manufacturer public.
2. Share placement or rights issue. The share price is being ramped up so that C&O can raise enough money in the market without selling too many shares. However, this is a sell signal to me as it means that C&O is not a cash generating machine that I think it is.
We will know when Monday comes. Generally, when a company issues announcements over the weekend, it cannot mean good things. Fingers crossed.