this can be a start....apaprently cbh isn't as bad as kingsgate....

this can be a start....apaprently cbh isn't as bad as kingsgate. lol


cheers



Around the Traps ... with THE FERRET

08:30, Thursday, 16 November 2006

Sydney - Thursday - Nov 16: (RWE Australian Business News) -

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KINGSGATE CONSOLIDATED (KCN) chairman Ross Smyth-Kirk was mad as hell yesterday and he wasn't gonna take any more.

But the ASX censored his chairman's address which went out on the news list.

Well, that was like a red rag to bull for hacks like us and we immediately raced to the Kingsgate website to find out what displeased the ASX.

Here it is:

"Of particular concern to you as shareholders is the performance of your shares and the integrity of the market," Mr Smyth-Kirk said.

"I have been around the stockmarket for some 35 to 40 years.

"I have no hesitation in declaring this the most manipulated market I've experienced.

"My observations relate to our stock but my informants tell me that it happens every day in many stocks.

"In recent weeks there has been constant selling in our stock but instead of meeting the market there has been a consistent effort to sell down the stock.

"I am reliably informed that much of the selling could have been achieved at least 10c to 20c higher and even more on some days.

"If one is a seller surely you should be looking for, and are entitled to receive, the best price you can get.

"To do otherwise is to exhibit sheer incompetency or there is some other motive.

"It is worth noting that there is a large short position in our stock (as there is in many other stocks at the present time).

"There is little doubt in my mind that the activity of some hedge funds and many of the larger brokers is severely distorting our market.

"There was one day three weeks ago when our stock opened at $3.75, sold down to $3.65, moved up, 1.7 million shares were crossed at $3.80, and it closed at $4.24.

"Please don't tell me that is an either real or transparent market."

Kingsgate yesterday opened at $4, slipped to $3.81 and closed at $3.85, down 15c on the day.