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21.5¢ strike energy limited

Ann: South Erregulla Update, page-99

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Spockie

1,032 Posts.

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27/09/23

22:58

Post #: 70062909
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Originally posted by gimo211: ↑

The key is the following:

With the t/o proposal, Strikes offers 0.4828 new STX shares for each TPD share.
If a party is short selling Strike, this party can immediately buy TPD shares
This party can transfer those TPD shares back into STX shares when the t/o transaction closes.
Hence, a complete risk-free short selling is possible because the shorter covers its short position via the TPD to STX transfer

The consequences:

=> >40m shares were shorted since 14th August (announcement of the t/o proposal). This delivers a huge amount of "artificial" supply which puts a lid on our share price

=> I think about 80m TPD shares were bought since than to cover the STX short position via the t/o transfer

=> Those TPD shares are representing until now >10% of the fully diluted TPD capital and will vote in favor of the STX proposal

=> The shorted STX shares are an opportunity to buy Strike for a very low price... I think, this is the underlying reasoning for the short seller... it's actually a buying STX shares very cheap strategy...

I think MIN is behind all these activities...

Expand

Sorry Gimo - same question as on the shorts thread - what happens if the TPD deal falls over?
STX Price at posting: 40.5¢ Sentiment: Buy Disclosure: Held
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Last 21.5¢		Change 0.000(0.00%)		Mkt cap ! $608.8M

Open	High	Low	Value	Volume
21.5¢	22.0¢	21.3¢	$1.508M	7.021M

Buyers (Bids)

No.	Vol.	Price($)
15	1400246	21.0¢

Sellers (Offers)

Price($)	Vol.	No.
21.5¢	236534	2

View Market Depth

No.	Vol.	Price($)
20	1965207	0.210
10	531915	0.205
24	2278733	0.200
34	2002915	0.195
33	1100800	0.190

Price($)	Vol.	No.
0.215	236534	2
0.220	2416090	25
0.225	4398364	18
0.230	1009959	16
0.235	1091329	20

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