Ann: Renounceable Rights Issue Update and New Prospectus, page-68

There are two ways to look at the trading of HAVR.

From my platform, I can see yesterdays number traded totals 980,256 and today's total 900,000. I can only see detail of actual trades today. My comments are based on this.

Considering the buyers perspective:

This could be speculative. Biggest buyers were a 351k parcel and a 471k parcel . These had a cost to the buyer of $351 ($0.001 per right) and $942 ($0.002 per right). Not insignificant, but not huge for a punter with some cash. Plan could be short term option to buy at 20 cents and then sell shares for 20 cents and get long term option at 40 cents.

This could be strategic. Someone trying to be able to acquire a larger number of shares at 20 cents than possible on market.

Considering the sellers perspective:

From what I can tell, there were two sellers today that hit the existing buy orders. One for 500,000 and the other for 400,000. Rights issue is one right for 7 shares held. Therefore, sellers must have had 3,500,000 shares and 2,800,000 shares. Based on Top 20 shareholders list (from 2016 annual report, latest I could see and accept option exercise may change this) but these sellers are top 10 shareholders selling their rights for a few hundred dollars.


You can read the tea leaves and make them say what you want them to say based on what you want to hear.

Holding HAV is re-enforcing to me that you need to take the emotion out of your investment decision. I don't see the above as positive, but still hold because I think there is value in Kalkaroo and a possible way to realise that value in the short term. Not sure what I will do with my rights.