This is precious. My initial outlay was 20,000 shares BNIKF. I sold quite a few during the KSS pump starting in January 2013. Say what you want about the man, but very few people can join a stock board and move a stock to >100% return in a matter of a couple months.
So after the dust settled, I ended up with about 25,000 shares of BNIKF. Then we had the 1:5 reverse split, reducing my shares to 5,000, and now, another 1:4 reverse split, leaving me with 1,250 shares?
We all know what happens when a stock has a regular 2:1 split. Invariably and initially the SP goes up 2-5%, sometimes higher, making for easy money, for the most part. Reverse stock splits have the reverse effect; the share price drifts lower etc.. However, the ticker BTEBY often goes days upon end with zero volume. People who buy shares on the American exchange are buying BNIKF, presumably not knowing they will have to convert them to BTEBY, and quite possibly pay a fee to do so.
So, management has created a three headed monster, including the ASX ticker; BLT. two of these tickers are single shares, and one is
20 shares. So tell me Peter, what in God's name does it all mean? How do we determine company value when we have no clue how many outstanding shares are out there, when all three tickers have different values, even when taking into consideration currency disparities? How many shares of BTEBY are out there, that will now be bundled into 20 shares?
Leave it to Benitec management to create one great big cluster f^^^ with three separate tickers, one of which is a bundled (bungled) package. So if there are about 115,000,000 shares outstanding, then does that mean in reality there are 115M /20 = 5,750,000 OS? And when the time comes, ASX and BNIFK shares are reduced by 20? It's amateur hour over @ Benitec headquarters and I think I need to hit up happy hour and get a couple drinks in me. It's like they just make up this shite as they go along. Is it even legal to do this, just so you can get listed on a major exchange and not the OTC? Nothing makes logical sense with these guys.
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