Its nothing sinister people. I've been told today its the dividend reinvestment plan selling that's in process, and should complete by the end of this week.
Not sure how many shares it was, but you can bet in this market whoever got to sell those shares probably shorted a few along with it. Add the general selloff in resources, margin calls and breaking support on charts etc etc, you get 140.
Doesn't mean that once the selling finishes, the stock should bounce, it just means that the invisible hand feeding the stock out will disappear, until some other loony reason results in the most shorted stock on the ASX (I think anyway) to drop further.
As a side note, quick calculations show me that in 3 months as a newly listed entity, the turnover has exceeded 50% of the shares on issue.
Putting it in perspective, HALF the company has changed hands in 3 months.
The management are sick if they do not think this is a cause for concern, and if its shorts, they should jolly well act on behalf of shareholders to address the issue and identify the parties involved, and make it public at the very least.
This information is material to the share price, and should be made known to shareholders.
I don't understand how the exchange declares it essential for anyone who owns 5% of a company to disclose its holdings, and yet if you are short 5% you get to escape scrutiny.
OZL Price at posting:
$14.25 Sentiment: Hold Disclosure: Held
