Auto, I can understand why you feel that Risco buying has created SP support; it's a natural conclusion when someone buys so much stock. You could be right but I'm going to present a contrary view that could also be the case. Putting the point politely in this forum, I suspect that the way Risco has gone about its buying has provided little or no overall SP support, after their initial entry. Having paid 38.5c earlier on, they must have been thrilled how easily they were able to get additional stock, cheaper.
Since they began accumulating, there have been some large lines offered several times, a bit above the market and my suspicion is that they haven't all been sold; certainly not in anything like the large chunks that they were offered. Pending an unlikely investigation, we won't know who offered those lines - but they clearly depressed the share price. I remember watching the market action, each time.
I won't speculate in this forum who may have offered that stock, and I do acknowledge that Risco has picked up net sales from other holders, but we'll never know how many holders who were already despondent at having Chatchai Yenbamroong at a 19.9% shareholder decided that Risco's arrival on the register was not an automatic positive, so they bailed out as a result. For what it's worth, my own feeling is that Risco's arrival on the register has more likely been a negative than a positive for the SP.
BTW, I think it's obvious that Mr Yenbamroong's arrival as a 19.9% shareholder has been a big negative, proving that the SP effect of even large buying depends on how the market views the buyer's likely actions. It could make the world of difference if Risco were able to persuade Mr Yenbamroong to sell all his TAP shares!
TAP Price at posting:
22.0¢ Sentiment: Buy Disclosure: Held
