It's little wonder that the SP continues it's downhill trajectory when manipulation such as hugh after hours trades, like last friday, and seesawing half pip trades continue with volumes as low as one share continue . Who in retail land can trade one share (or wants to)? Commsec won't allow trades under $500. Yet one share trades of 1.9 cents abound here.
Who's doing it? Well it looks like the institutional players in the main, that's who. The big institutional owners. What about the other owners who are relying on boards and management to make decisions - ie to CONTROL the direction of the company?
The majority OWNERS of SYA, as it stands now, are retail shareholders. The majority OWNERS of PLL are institutions. When the new board is formed there will be 4 former SYA directors and 4 from PLL. The proposed merger details say that Sayona is the surviving entity, yet the chairman will be proposed by PLL ! What's more, the changed constitution means that there is no longer to be a Chairman's casting vote (in the event of a board voting deadlock). The resolution will just be lost automatically. Unfortunately (or by blocking or design??) they dragged the chain in appointing an independent chairman these last couple of years.
What it all means is still yet to be revealed it seems. But for now, it looks to me like - some don't like the thought of having a few types from Down Under, now matter how good they are at exploring for and developing mining operations, take ultimate CONTROL.
SYA Price at posting:
1.8¢ Sentiment: Hold Disclosure: Held
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