Surprising trading today, but then again, nothing ever surprises me with this stock, it's definitely not one for the faint hearted. There has always been a lot control and manipulation of this stock, and especially now from hidden nominee accounts via mid-price trades on the CXA. There are too many shares out.
If I was a director of this company, and was made aware of the historical trading patterns, with evidence presented to me, then I would attempt to defuse the impact of those who unfairly and perpetually manipulate the company and it's longer term loyal shareholders. One way to commence this, would be a share consolidation, as a first step to get rid of the day traders who bank of high liquidity as both a methodology and insurance.
I'd definitely do a 1 for 10 consolidation, and reduce the number of trading shares down to 150 million, immediately making the share price $2.30, thereby enticing serious overseas funding bodies to look at the company, while at the same time forcing the "liquidity pip traders" to move-on and look elsewhere.
I'm surprised that this idea has not been recommended to the directors of SXY at the AGM, and their responses not reported back here for all shareholders to view, since it seems such a logical thing to do (given their trading history).
In fact, now that I do more research, and think more seriously on it, I'm quite surprised with the directors of this company, and why they have not more fully supporters shareholders by instituting such a share consolidation change. I'd be interested in their reasons, which is why I might email them this weekend and see if I can get a response. Either way, the current share price is still somewhat undervalued IMHO.
Gw
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