Anybody who knew this was coming and transacted prior to the news is breaking the law and can face jail time as a consequence. In any case, in hindsight they sold their shares and can no longer participate in the SPP without buying back in causing tax issues paperwork and potentially facing jail time all because of a tiny cap raise. What a bunch of fools. The chances of the share price retracing towards the issue price of the new shares are high as sophisticated investors make a game of this behaviour- sell the shares and keep the free options. In truth this sort of behaviour is anything but sophisticated. It’s foolish at best. Large customer orders may be about to drop, partnerships could be forged and all the foolish selling becomes nothing more than regret. Smart money plays the long game and BluGlass is the type of story that can be explosive for those prepared to stick with it long term. Good luck holders. Traders will trade for pennies. Who cares? Not me. I’m long and going longer.
BLG Price at posting:
4.6¢ Sentiment: Buy Disclosure: Held
