On Dec 23rd, after the early close when no one is looking and focusing on Christmas, VIC releases appendix 3b, issuing 5,866,667 shares at 1.5c as a part of it's $2.5mil placement.
The initial placement represents $88,000 worth or 3.52% of total placement capacity - effectively stuff all of total capacity.
Priority to Dec 23rd, Hartleys and State One have barely sold any shares for the month of December.
Since Dec 23rd, both Hartleys and State One have aggressively been selling on market, driving price down.
Obviously, placement is done at 80% of VWAP for previous days.
So my question is, if the shares have been issued to Hartleys and/or StateOne and they're selling on market at a loss (<1.5c) to drive price down so they can try take bigger placement (i.e. remaining 96.48%) at a discount, surely that has to be illegal?
It seems to be what is going on. Either that, or an incredible co-incidence that state one and hartleys have waited all this time to finally start selling which i find difficult to believe.
VIC Price at posting:
1.4¢ Sentiment: Hold Disclosure: Held
