The 1 share trades is totally beyond me. And IMHO, it is full manipulation. To top it all off it is only afforded to the big end of town, while us retail shareholders are suffering from it.
If we try to do it, we get told that it is an unmarketable parcel of shares, while they get away with it.
I have tried time and time again to write to the ASX and I get the usual reply that they (the people using it) are buying and selling to maximize the VWAP. Yes we all know that it is a lot of baloney. The reply you get is a computer generated letter, and if you insist you will get addressed to ASIC.
I did that, (wrote to ASIC), and guess what, after many and countless approaches, and phone calls mind you talking to their Lawyers, I was told that my query was sent to the Investigation and Enforcement Unit (NEVER TO BE HEARD AGAIN THOUGH!!). And then, after all that, you get sent back to the ASX.
As the ASX is wearing two hats, they of course turn a blind eye to that practice, because they make money out of it.
And yet, not so very long ago, they (the ASX), had the guts/hide to warn off Brokers who were not following the rules and telling their retail investors that they cannot trade in less than a marketable parcels. Go figure that one out, lol.
Obviously there is one set of rules for the retail investors, and another one for the big end of town.
Currently though, even the American are querying the same practice over there, and there is talk that the SEC are probably going to be forced to ban it, because they consider it to be not a level playing field, and most importantly manipulative.
LETS HOPE THAT ONCE THEY GET IT BANNED THERE, THE ASX AND ASIC WILL DO THE SAME HERE.
Good luck to all, and I hope this will help to clarify the issue.
Buddy
AJL Price at posting:
$4.56 Sentiment: Buy Disclosure: Held
