I assumed that the CR price of 0.029 was a misprint and meant to be 0.29, still a ridiculous discount. But then I saw that no, they were indeed touting it as a 94% discount.
Then I saw that it was a 10 for 1 offer and assumed it must be a misprint and was really 1 for 10. Now I don't think so.
If most of the shares in the company are going to be available at 0.029 then the share price will obviously head towards that level due to arbitrage, so I couldn't understand why people were still bidding at up to 0.35 a share with last sale at 0.39. Naturally I decided to try to save my remaining capital by selling to that bidder... but the Commsec software wouldn't allow me to place my order! So I placed the order 'at market' and it still wouldn't accept it.
I then rang Commsec and was told that with illiquid stocks they don't allow sales that would move the market that much. I pointed out the circumstances but just got a lecture on how they have to protect against market manipulation. I asked how selling in the thirties when the company is doing a 10 for 1 raise at 0.029 can be seen as manipulating the price down, but no cigar. As we were arguing a buyer appeared at 0.37, so I managed to get the software to accept that.
But what a sheisse show. I've never seen such a debacle in all my decades of trading. So glad to be out with maybe a quarter of my capital intact. Dog of the century.
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