An Excellent Letter
When you sell some shares the brokers asks you to confirm it, with a little note at the bottom.
Westpac Broking: "By placing this sell order you confirm that the registered holder owns the security that is being sold. This order will be flagged as a long sale".
Comsec Note: "In placing this order you are confirming you own the stock and the sale is not a naked or short sale".
Perhaps the seller's broker did not have such vigorous compliance policies and procedures in place. Or perhaps the seller lied? Unheard of in the Financial Industry.
The price is always being manipulated, and ASIC and ASX could not tell anyone it is transparent and credible with a straight face.
What is most pertinent about this letter is that we all know that it is true, (regarding naked short-selling) in addition to so many other dubious practices, but so hard to prove.
Just like the Insider Trading case of Rene Rivkin's Qantas Shares (I think it was about 600 Shares or something silly), it is so rare to catch someone red-handed, that everytime it does eventuate that they are found out, the full force of the law should be brought down on them.
In all of this, BTA management are culpable.
The number of shares that BTA were exchanged for NABI shares should have been fixed from the very beginning, in April, preventing every Tom, Dick and Harry from screwing the price for their own self-interest.
Question: What direction did the BTA share price go from April to October? South, From around $1 to 50 something cents.
How's that for acting in the best interests of it's shareholders?
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