Jefferies, I should slightly revise the way I presented my opinion. Refer back to my comment re ASX being compelled. Westhx is correct that the ASX has largely administrative functions now because ASIC now holds the watch dog powers. That change happened in August last year. However the capacity for trades to be overturned has not changed, all the same consumer/shareholder protections remain in place that have always been there. If the evidence were there to demonstrate the disadvantage (and this is the hard part) then the ASX would be compelled by ASIC to overturn the trades.
It's low likelihood though, they are all toothless tigers. We all know the games that go on but somehow the authorities never do or can never prove them. Still if announcements come through very soon that say a takeover offer is made at 5 cents then I would be straight on the phone demanding an investigation and arguing for my couple of sells today to be overturned because I would consider I had been materially disadvantage by insider knowledge.
At this point though we're just speculating as to what's driven today's move. A large portion could just be traders - it's been forming a nice technical pattern for a breakout of late. Let's wait and see what info comes through in the next few days, it's most likely to be standard hohum.
UCL Price at posting:
1.9¢ Sentiment: Hold Disclosure: Held
