Let's get this straight: today (7th) was the WR1 record date but the MTC shares went ex-WR1 yesterday (refer pages 5 & 6 of the announcement dated 8th Sept). Surely everyone noticed that overnight 5th/6th the old orders were purged from the system and new orders were placed on 6th. Therefore anyone selling today thinking they would sell because their WR1s were secured could have done so on the 6th. If you'll recall, on the morning of the 6th the more-aware holders began dumping on the open starting at 59.5c and went as low as 57c in a couple of minutes before the SP recovered back into the 60s. These early sellers were assuming, as I did, that the SP would tumble to about 50c yesterday, but part of the reason it didn't is that many holders wrongly assumed they had another day to go before the 'ex-date'. However, today, after the initial spike on news, the 'mistaken' sellers kicked in and hence the fall into the 50s.
And trade2rich, holders 'not interested in WR1 IPO allocation' surely would have done so when the SP was higher earlier in the week while the shares were still cum-WR1 and let new buyers have them. By delaying selling till yesterday or today they have ensured they WILL receive their allocation of WR1 shares.
MTC Price at posting:
57.0¢ Sentiment: Hold Disclosure: Held
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