Hi, as a fellow sufferer, I can only offer the following:
There are many players who make money out of the float, e.g. sponsoring brokers, bankers etc. Perhaps some of them do not wish to hold stock any more, as they might have been obliged take some stock as part of the deal. Only a guess. Then again, by the time the float occurs, those who expected a stag profit might also rush to the doors. Some wise guys feel if ordinary blokes are allocated stock at IPO, it is an indication the stock is not worth it! The only positive I see at the moment is that WBC seems to have taken a good stake.
DYOR...
PLG Price at posting:
81.0¢ Sentiment: Hold Disclosure: Held
