I am aware of a formal complaint made to ASIC with respect to the obvious price manipulation of GMR by ARM in the last few weeks. For a company that has not sold one share since it acquired them in May 14 to do so now before exercising their right to convert loan to shares is very smelly indeed. ARM will now have to think long and hard before exercising that right if they are not to appear to be manipulating the share price.
Since ASIC is now aware of the potential transaction, we can only hope that ASIC do in fact flex their muscles if ARM go ahead.
Interesting times ahead and a certain Mr Pyle(s) may develop some over the weekend.
GMR Price at posting:
0.7¢ Sentiment: Buy Disclosure: Held
