Let’s hope forex conditions (and the decision making around it) is favourable ahead of the capital return. We’re earning in USD and distributing (presumably still 0.8c per share) in AUD. The right timing can potentially “save” a couple of million bucks.
And for almost every day that has gone by for the past two months we’ve effectively become “cheaper” again to buy outright for a US based acquirer. Forex shifts have not been reflected in the share price, however, which is artificially (imo) being held around 1.1c/1.2c.
From what I can tell, the only share sales going through at the lower level seem to be wash sales - or the market maker trying to kid us into thinking there is actual volume. When you watch the daily preopen/opening order book shenanigans it is 1.2c which appears to be the price at which shares are really being offered, with a tiny hook of one or two shares at 1.1c to catch a live market order or to create a negative opening price. Imo 1.2c must be the breakeven bare minimum that the relentless seller is willing to exit at, and if there’s no genuine buyers then we sit here forever until 1.2 is bid or the MM games the close.
This pattern has been repeated here now for weeks so it’s quite unmistakable imo. The overall volume is so small it can’t be worth it for even a bottom feeder trader/flipper, surely.
In any event, the order book needs a bloody good shakeout.
OEL Price at posting:
1.1¢ Sentiment: Hold Disclosure: Held
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