You have touched on one of my crusades...and that is the topic of value destruction by those wanting little more than to rip profits from a Company.
Here we have an Australian owned biotech, dealing in leading edge technology, with results of all their product line pointing to potential cures, or advancement of current treatment regimes for some pretty nasty diseases.
Instead of a hand up however, the market collectively gives the Company a hand down...for the benefit of a trade, or worse, to collectively take advantage of the retail market's lack of sophistication.
The end result is a Company branded as a "Penny Stock", and no-doubt hamstrung in relation to negotiating partnerships and/or raising capital...I might elaborate on this later.
A healthy share price which more realistically reflects the true value of a Company, enables that Company an easier way forward, of raising funds at more realistic levels, and as a consequence, spending more on the things that help add value, including more staff so they can get more done!
In other words, creating extra jobs for the economy!
Apply this across all Companies on the ASX...and one can see that negative on-market practices designed to constantly skim profits from the market (which reduces the trading value of listed Companies), results in fewer jobs across all manner of industries.
It also results in greater than necessary dilution when Companies do raise funds...and this also chips away at the profits of all shareholders...reducing the tax they pay and no-doubt, impacting the spending capacity of thousands of shareholders.
By not stopping manipulative trading practices, and/or inside trading activities (especially around placement times), the ASX is effectively supporting the wholesale destruction of wealth of the wider community.
It is just plain bad management, at a macro economic level, to allow a small group to constantly chip away at the health of a Country's financial capacity; its capacity to develop; its capacity to generate jobs...and; its capacity to retain value adding innovation.
The ATO can generally smell unpaid taxes from 20 paces...I wonder when they will finally recognise they are potentially missing out on billions of extra tax revenue that would be available if asset stripping via various practices on the ASX were stopped?
Shorting in particular would have to be the most destructive of all the value stripping measures inflicted on our markets...and on all shareholders collectively...and by extension, the wider health of the economy. It is particularly concerning when the shorting is executed by foreign entities, with the view to weakening the health (or otherwise), of Australian Companies.
There are many examples where take-overs of Australian Companies by overseas interests, or even just foreign investments from abroad, are set at prices much lower than may have otherwise been the case if manipulative shorting practices had not been allowed.
In this case, we are effectively transferring the country's wealth to off-shore interests!
In supporting shorting, and apparently turning a blind eye to the many questionable practices that surround it (the use of algorithmic bots in particular), the ASX appears to be actively facilitating an avenue for foreign nationals to falsely depress the share price of targeted Companies.
I think the impact of shorting and many of the other "trading antics", especially in the lead-up to corporate acvtivity, would make for an interesting study.
Anyway...enough of my rant on market manipulation.
As for the other issue I raised...that of ANP negotiating partnerships and/or raising capital...unless I am mistaken, the trading patterns in ANP are showing all the signs that price based corporate activity (such as a placement?) is in the wings.
See rant above for how this can transpire.
According to recent releases...whilst ANP may well be "entertaining" the idea of a partnership or license deal of some sort for ATL1103 (due diligence for which is currently underway), they have clearly stated they want to pursue ATL1103 Phase 2 for Acromagely on their own...unless of course "a deal too good to refuse came along!"
I think most would agree this is where the real value lies for ANP near term.
If so, then it might be seen as a smart move to arrange a placement to pursue ATL1103...mostly so that they can remove this "need" from any negotiations for licensing, etc...
Personally, I would not be happy to see it at current levels (need to issue about 250m shares at 2.2c to raise $5.5m)...but assuming a "broker" has been bought in for this, then the recent heavy-handed push-down activity (which stopped like it was shot at 2.2c), does show all the signs that a number around current levels is on the table.
No-doubt the broker (or other parties?), would be pointing to the recent share price "volatility", and price the market is placing on the stock, as support for a low prices placement...of course, we all know they would more than likely be the ones who are actually causing the "volatility" and current share price ranges in the first place.
This is yet another issue I could write an epic on...but perhaps another day.
So...whilst the trading patterns around current levels look a bit "price related" to me...it may not necessarily be related to a placement per se; they could be considering a SPP or rights issue to shareholders (this will avoid dilution); or negotiations may well be using current levels as a basis for setting the specifics of any deals that may be underway.
I previously suggested the price may come under pressure to help the case of those "negotiating" behind the scenes...sadly, this sort of manipulation of a share price appears quite common on the ASX.
What ever the reason, the push down to current levels, and current antics to "hold" the price where it is...and specifically, the lack of large-line buying interest at an obvious support level (this is strange)...all suggests to me that current levels have become important to someone or some group...for whatever reason?
I do not see current trading as a case of holding it down for accumulation either, as a push down through current support would have been a fairly easy task in recent days...so, whilst it appears they do not want it to rise above current levels, they also aren't particularly keen to see it fall either.
Interesting trading the last few days none the less...and the reducing volumes are like a beacon of light to me.
The premium on the oppies is perhaps also of interest?
Cheers!
ANP Price at posting:
22.0¢ Sentiment: Buy Disclosure: Held
(20min delay)