I phoned the company and they tell me they applied a process. I cannot therefore comment any further as I am not aware of how that was applied , but if you are or was trying to be opportunistic then I don't blame them. So having bought your $600 share cum rights and selling them post rights - that is just plain going to get management knowing you are not committed to the company. If you hold $2000 and apply for $50,000 that's not going to be easy to understand either. Those are not the criteria but examples I am giving having heard how other companies have to approach this.
I have been a shareholder since 2012 and I can vouch for management - they have looked after everyone as far as possible.
I cannot tell you where the volume is coming from but it does happen.
Have they been perfect in the past - No they have not and have made errors , in my opinion , in past placements but not because they were trying to favour anyone.
Olddizzy - I dont understand your anger here - Like me you only applied for what you had entitlements for and hence you got them. Your comment re ASIC - thats unfair and this will be the first time I have ever supported ASIC. The ASX would ask not ASIC anyway but really they volume and price is just after a rights issue @53c of course its a market movement but has a logical explanation or at least PGC cannot give any reason. Then to state that maybe you could buy them below the 53c and to suggest that as a long term holder you have been sold a dud. What is a dud the business they have acquired , the shares you took up. I understand its frustrating to see a share drop so much on an up day. Actually its only down 5.5% today.
Am I disappointed - yes I am but at the same time my average is a lot lower than 53c and I now have a share in a company that is much larger , more geared to consumables and in my opinion way under the radar. Being under the radar here is what has made me an unrealised profit to date so I am happy that it tests 60c.
So I think we all need to take a step back and let the story unfold. I will be a buyer for a small amount of shares tomorrow and think its the best opportunity out there.
See Caketin - I will be in there tomorrow.
LHC or PGC - I know which I invest more in.
PGC Price at posting:
60.0¢ Sentiment: None Disclosure: Held
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