Yep, disgusting.One might question the legality of acting on...

Yep, disgusting.

One might question the legality of acting on information that is not available to other market participants that routinely reduces share price by 10-15%, although I am sure that is not what has happened here. Surely.

Likewise, brokers would be bound to confidentiality - but again, I am sure they only act in accordance with requirements.

So surely this is a coincidence and an isolated FTF-related incident.

I am sure this goes some way towards explaining why the SP falls on a FTF raise despite it not having the same dilutionary affect as a vanilla CR. The brokers see arbitrage in the gap between the current SP and the raise price offered to them and sophistos - and both sell it down for a few extra gold coins.

The net impact of this is that Argonaut saved some golden dollars avoiding the SP fall from $1.40ish back to say $1.20-$1.25, but caused the SP to crash back to $1 (and then below) and the MC to be decimated.

All cool and normal in ASX land. I guess if the macro was better, the outcome would have been different.

Interestingly enough, Argonaut (and UBS) caused the SP to plummet when the MRE was first released in December last year. Another 'good news' event that saw the SP decimated by the actions of brokers. Got to love the way the West bludgeons its strategic interests with its own extreme greed.

Argonaut's trading was the more fascinating of the two - they bought up on the day of the AGM when it was announced the MRE was coming in December. Then they sold into the buying pressure in the lead up to that announcement, which of course moderated price appreciation in the lead up to the ann.

Then, on the day of MRE ann, Argonaut dumped their shares at open into the buy stack which of course maximised a fall in the SP. Whether that was their intent or not is not clear. Remember the discussion that then ensued about what was wrong with the MRE? Anyone else get that sense of de javu?

The following two days after the MRE ann Argonaut continued selling.

Under the sustained Agronaut and UBS selling pressure, the SP fell from $1.26ish down to 85c. On the good news of the MRE ann. Good grief.

And the kicker for me - guess what they did then? Yes, that's right, they bought back up on the fourth day after the ann for a much lower price.