I think the placement is much stickier than people realise for the following reasons:We know that Tribeca is maintaining its 15.6% & directors are taking another 13.2%.Glenn/Jane Whiddon hasn’t lodged a change in substantial for his 8.2% which means he/they must’ve maintained his/their shareholding.Consequently you have 37% of the placement in tight hands.As stated in an earlier post, from my sniffing around, the company was very selective as to who received stock & given the involvement of Middlemas & his Apollo Group, I’m sure matters would’ve been handled in a manner befitting their experience & corporate acumen.If I had to venture a guess as to some of the recent selling, you may not have noticed but GCX has options that expire in June ’27 with a 7c exercise. They rarely trade.Yesterday a line of options corresponding exactly with the quantity held by a Jet Capital P/L was transacted. The same holder has 2m shares & I wouldn’t be surprised if they were the seller yesterday & today.Just putting 2 and 2 together, and of course may be wrong.Either way, it’s still very early days & although the volume is relatively large for GCX, it’s still a joke in absolute terms.The drill bit will prove whether the company has a monster on its hands & we don’t have long to wait.IMHO, the potential risk/return here is unparalleled to any other play currently on ASX & anyone who thinks that the stock is frothy because its price has returned to the levels last seen in mid-January is kidding themselves.
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Last
6.2¢ |
Change
0.003(5.08%) |
Mkt cap ! $22.59M |
Open | High | Low | Value | Volume |
6.0¢ | 6.5¢ | 6.0¢ | $312.0K | 5.036M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 54916 | 6.2¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
6.4¢ | 29123 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 54916 | 0.062 |
1 | 250000 | 0.059 |
3 | 400000 | 0.057 |
3 | 467850 | 0.056 |
1 | 2 | 0.055 |
Price($) | Vol. | No. |
---|---|---|
0.064 | 29123 | 1 |
0.065 | 500000 | 1 |
0.066 | 250000 | 2 |
0.067 | 5075 | 1 |
0.068 | 245454 | 4 |
Last trade - 16.10pm 26/07/2024 (20 minute delay) ? |
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TM1 (ASX) Chart |