Another retail myth to dispel
@aliscrazy.
Institutions do not buy/sell themselves. Any broker data of "Hartley's selling" is in fact clients of Hartley's themselves, selling. Hartley's is just the brokerage platform (the same as using Commsec).
The reason Hartley's may seem as if they're disproportionately selling is because they've likely been used as the brokers for past IPO/CR and their clients have purchased the shares in the raise. If the news is bad, sure brokers will push the client to sell to secure their fee. What's the incentive to hold?
This is also a double-edged sword and will work for good news & buying the story.
The company has free will to choose whichever broker they want to CR with NWM would not choose to raise with them if they were selling down to secure a raise (I don't see how this even makes sense as selling down to secure a raise would not benefit them? they make their $$ from % raised capital, they do not receive shares. Their clients do).
Also the CR is done by the corporate finance team, of which have nothing to do with broking team.
