The Apprentice,
I hear everything you have said, but I am not a 'newbie'
here - I was there when the AGS renounceable rights issue was done at .11c - were you?
The facts state that within 5 days of answering an official 'please explain' ASX query on a rapid price decline in the AGS SP, to which the Company replied 'No Idea', we now find out that a Director of the Company further over-burdened/pressured the weakened market with a personal sale of around 250,000 FPO's, representing just over 10% of that day's volume - no doubt adding to the angst and confusion of AGS holders, that ultimately saw the price drop over 9 odd consecutive days, and as a result drop even further to very low $1.50'ish levels. The end result is he can now walk around with $200,000 odd in his skyrocket, as well as turn the other $200,000 odd into well over $1 Million in value in the process. Good on him, I agree - but it reeks of a lack of empathy and understanding of the market, and a total disregard of loyal and faithful shareholders who helped get AGS there in the first place.
I put it to you, The Apprentice, if you were in the position where you felt compelled to sell 250,000 AGS shares, would you just 'blast' the market and get it done in one day, or knowing how good the Company and the future value is percieved to be, would you just filter them out slowly so as not to cause a panic to those that support you, and perhaps even wait for possible signs of an imminent SP recovery, and sell softly into that.
Its even worse when you consider it was an AGS director who did this, knowing what he knows, and how the market reacts to such things - especially in a time of apparent weakness for the stock.
Yes I am entitled to my view and my opinion, and I've stated it - I think it's disgusting, and I can only presume there is more of this to come, as the other Directors concerned may take the opportunity to view the current weakness in the SP to do exactly the same so in turn they'll have the excuse " I sold at the lows to convert my unlisted options, so therefore that's all right".
Never mind market-pressures and the forces that this type of activity puts on the unknowing, the mums and dad's, the faithful, the loyal etc.
Over the ensuing days that all this was transpiring, concerned shareholders were ringing or emailing the Company to ask if they knew why the stock was falling consistently.
If what he did is such a small thing, why is it none of them were told "It's just a Director selling a large wad to convert his massive parcel of 'in the money' unlisted options - there is nothing to worry about".
I wonder why?
I mean that's for the benefit of all AGS shareholders,
surely ........................... - NOT!!!!!
Let's be very, very 'real' here!
wrxsti
Add to My Watchlist
What is My Watchlist?