What makes me think that is the announcement specifically states that 20 new institutional investors are coming on to the register, as well as a number of sophisticated investors. Do you think the institutions are going to put $20k in it? Or even the sophisticated investors for that matter. These allocations would be for licks of $250k+. More in the case of the institutions. I therefore put to you that based on what the company has said, a significant portion of the allocation went to new investors.
MEO has been a traders toy. Hundreds of investors balls deep in something they know nothing about trying to hit the next big thing and get rich.
To suggest that the mum and dads selling are represented by the <5000 shares is nieve. I know of a number of ametures who know nothing about this stock and are holding hundreds and thousands of these things. crazy stuff and arguably very stupid, I know. But that's exactly the reason why it doesn't take much to make them panic!! Then the sheep start following.
I'm not for a minute suggestion that the institutions are not trading this. I'm suggesting that I don't think the ones that bought in at 45c are. They are smarter and better informed than most. They're not going to burn bridges for a cheap 10% return. They'll sell to the sheep at much higher prices.
So you know for a fact (i.e. personal experience) that institutions continue to naked short sell? Love to see what the HC spies have to say about that. Your correlation to speeding is ridiculous. To short sell, you need to go through a licenced institution, who has restrictions. I think a better analogy would be speeding when all car manufacturers have placed speed restrictions on the cars so they can only go certain speeds. You might be able to get it illegally modified, but it's incredibly dodgy and you wouldn't be telling some punter who's going to post it on HC. LOL
MEO Price at posting:
50.0¢ Sentiment: Buy Disclosure: Held
