blurrt: the existing shareholders were lead up the garden path with the promise of an upcoming announcement regarding the farminee which saw the SP move up
However, the delay in making the announcement saw MEO's SP move south....
every so often the company would put out a progress report report which, in a nutshell, said nothing but on face value gave the impression that an announcement was very close...
I was holding a fairly large positon and it looked like the stock was being supported and being offloaded around 56c...so I dumped the lot for a loss..noT huge but hey who likes losing money!!!
This was the same day MEO management made an announcement that alluded to a big name farminee...The announcement was carefully worded so that if the things did not eventuate MEO could walk away scott free....
The next day they slapped on a TH and then announced a CR and the new issue price was right at a popular fib entry for traders....smart move
The stock hasn't been anywhere near 56c since then...
it's deceptive and criminal behaviour as far as I am concerned....They take advantage of small inexperienced mum and dad holders and get away with it....
ASIC has a responsibility to protect inexperienced traders/investors from these predators as far as I am concerned!
MEO Price at posting:
40.5¢ Sentiment: Hold Disclosure: Held
