I don't know anything about this large crossing which took place after the close of the market but what I do know is that Capral has been removed from the Commsec margin loan list. I held CAA shares in my margin loan and I was contacted about a week ago and told that Capral was being removed from their margin loan list and I would have to do something about it to stop myself from getting a margin call. At the time the CAA shares fell to 10.5c and I think the reason for that was that some Commsec margin loan holders would have had to sell their CAA shares to avoid a margin call. I was able to transfer other shares into my margin loan to avoid having to sell the CAA shares.
I have been told that other margin loan companies allow you to continue borrowing on stock that you hold when they remove them from the margin loan list so that they just stop anyone else from borrowing on that stock from that point onwards. I think that Commsec should be considering this. They make it pretty tough when they remove our stocks from the margin loan list when times are tough and we are struggling on our margin loan shares anyway. Imagine the pressure this would put on some of the iron ore stocks if they are pulled out of the Commsec margin loan list.
GPASAS
CAA Price at posting:
11.5¢ Sentiment: Hold Disclosure: Held
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