So we are the 3rd most shorted stock on the ASX..and now very much undervalued.
Our major shareholder J.P.Morgan is in behind-the-scenes advising our management & presumably with access to information that we retail shareholders are not privvy to.
This 'insider' is loaning out lots-of-stock to a fellow U.S. Bank (Morgan Stanley) who's express intent is to squash-down the price of our shares.
If this is not a 'conflict of interest' then the common definition needs to be rewritten.
Folks, complaints need to be lodged with our directors as they are the ones who've opened our books to J.P. Morgan. If this practice doesn't stop then we should have an arms-length institution replacing J.P.Morgan in their current advisory role. Having a fox in charge of the hen-house is simply unacceptable.
On the other side of this I have just phoned CommSec to request that my shares DO NOT get loaned-out to other institutions under ANY circumstances. This one is a task for me as I'm a high-volume client of CommSec with the benefits of CommSec One team access. Simon there verbally advised me that their clients' shares do not get loaned-out. I asked him to email me that verification so that I have it in-writing on the record. He told me that will be done.
Fellow Galaxians, we need those who've had communication directly with our chief Anthony Tse, to broach the conflict-of-interest matter, for it to be rectified. Having our priveleged-advisor J.P.Morgan assisting a fellow U.S. Bank to destroy shareholder value is unacceptable & IMO totally unethical. As stakeholders in Galaxy it's only fair that we require that our 'insider advisor' demand the return of the shares from Morgan Stanley forthwith if J.P. is to retain their paid-job as our advisor. Basically either to stop assisting our enemy or scram.
Am I the only one to see this situation is unacceptably wrongful ? I am tackling CommSec on the other matter and if those with pre-existing communications with our GXY chief can deal with him on this J.P. Morgan conflict-of-interest matter then we should be able to put-an-end to this disgraceful situation. Our buying-to-hold at these sub < $ 3 levels is helpful but much more is required..at the highest levels. These short-sellers are making us a laughing-stock and taunts began arriving from down-rampers today just to hammer home the point.
GXY Price at posting:
$2.86 Sentiment: Buy Disclosure: Held
