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10:58
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Originally posted by ainsleym:
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Just checked the daily trading history for volumes and price range. The heavy selling commenced on April 8, so its only been 6 business days of selling upto today ( not 3 weeks as you indicate). ECF went ex-dev on 28 March, so there was a natural share price decline for a few days after this with associated volume. Thereafter, until the 8th April, trading volumes were pretty much within the normal range for ECF, and the price was still hanging around the 59.5c - 60c range. But on 8th April in came the volume, and price fell to 57.5, and each day since then volumes have been significantly more than typical with a corresponding steady price decline. I dont see anything sinister here as such, its just that we have an entity unloading a decent size parcel on-market and likely through a broker given the tactics being used ( bots, other tactics, etc as I have mentioned earlier) . Since and including the 8th April up to the time I write this total volume over the past 6 business days is 7.804 million, of which most would be accounted for by this selling party I assume. My assumption would be at some point this will trigger a substantial shareholder change of holding announcement, and with reference to the Top Twenty holders listed in the 2024 August Annual Report ( after allowing for the subsequent Lederer Group buying all of ENNs holdings late 2024) there are a few candidates there with large holdings any of which could be selling this quantity or more if it continues. It looks like desperate selling to raise $$ in a hurry. At 54.5c they are giving away a 14% yield based on current distributions.
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Spot on ainsleym.
(20min delay)