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Uttsy

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28/11/16

23:31

Post #: 20948183
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Originally posted by chipshuffler ↑

Hi guys,

I'm looking at taking a position in DKO as the price at the moment seems incredibly cheap given what they have and the cash on hand. I wanted to take a quick look at the broker data for the stock before i jumped in though and i was really surprised at what i saw when i had a look and i'm not sure this has been discussed on these threads before so i thought i'd post my findings here.

Essentially, both Paterson's (yuck!) and Argonaut have been substantial net sellers of DKO in EVERY single month this year. Paterson's are net $-3.5M (or 35M shares) and Argonaut are net $-2.6M (or 28M shares). Like i said, every single month this year both brokers have been quite substantial net sellers, although on the plus side it looks as though both are now slowly running out of stock to dump. So far in November Paterson's are net $-20k and Argonaut net $-36k. Both significantly less than most months so far this year.

What i am really wondering is where in the world Paterson's and Argonaut got all this stock from. Its always a good thing for a stock to get rid of Paterson's from the register ASAP as most will know their history of putting a ceiling about a pip above any current SP. What i want to know though is was there some sort of placement/underwriting at the beginning of this year where both had the opportunity to fill their boots cheaply?

Judging by the broker reports i can see, it seems that the big institutional selling is just about exhausted on this stock and i feel as though this could be in for a great few months ahead. I think though its important to understand where all this exhausted stock came from in the first place, or if you have any other views from my observations then please also share.

Hoping you guys can help me out here.

Cheers.

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Hi Chips,

Argonaut acted as the lead manager for the placement in May, 60 odd million shares at 20c. So they'd be taking a hit!

Before then I'm not too sure.

The selling doesn't make a great deal of sense, wouldn't be surprised if there's one more large dump to signal the end. Will be great buying then!

DKO Price at posting: 5.8¢ Sentiment: Buy Disclosure: Held
2 Upvote

0 Great analysis

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Broker Data, page-3

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