Glencore only just gave investors the statement that moved shares 20%
I was covering that news and couldn't find the statement anywhere on the web. In the end I had to email the company to get the full statement.
In fact Glencore has only now, on Wednesday morning, sent out the statement to investors, in the form of a Regulatory News Service announcement circulated by the London Stock Exchange.
It's well over 12 hours since the news first broke and raises some big questions about why investors weren't notified in the first place, given that the news clearly moved the share price.
Here's Glencore's share price graph from yesterday afternoon:
Rather than a share price pop you'd expect to see from a big announcement, shares climbed steadily from midday onwards. It's likely that's because the news of the announcement was filtering through.
And clearly anyone who saw the statement and bought shares at, say 12.30 p.m., would be a lot better off that those who spotted it at 2 p.m.
To recap, Glencore shares have been diving amid fears about how the company will cope with its huge $100 billion (£660 million) debt pile given the low copper price. On Monday alone shares tanked 29% after Investec said shareholders could be completely wiped out.
Investors were clearly glad to get the reassurance when they did. The question is, why didn't they all get it at the same time?
We've contacted Glencore for comment on this and will update when we hear back.