starpharma agm 3 days away, page-14

Text of my email to Senator Gormann:

Dear Senator Cormann,

It seems to have become the practice for some organisations with direct access to the Australian Stock Exchange (ASX) to manipulate share prices.

This happens on stocks with low liquidity. It is accomplished by placing large numbers of bid and offer orders for small quantities (orders which are clearly uneconomic) and trading with themselves.

This is impacting the capital markets for some of Australia's most innovative companies. Biotech companies like Starpharma and Alchemia are obvious recent victims as are small investors.

ASIC appears to have its head firmly in the sand on this and ASX does not seem to think the practice is wrong.

It is of course and needs examination. It does our capital markets a grave disservice.

I hardly need to mention that sharp practices of a related nature caused the GFC.

Regards