Personally I think what is driving the price down is the fact that Bell Potter doesn't in my opinion actually have the institutional client base - its really not logical that someone can sell a million shares - to have that they would of had to have 5 million before the rights - sorry not possible so they are happy with a $50,000 profit for a week on $530K placement. In reality BPotter IMO made some bad calls and they are popping up with regularity. 1,5 million in two trades today.
I don't think its PGC's fault but really the first Investment house to require a 60 day hold will get my vote every time. I think it doesn't help the First Samual's who have taken 10% and look like holding or those that have held for a long time.
Actually maybe I hate CR's and would rather that the company seek to place into larger shareholders, maybe even via a underwriting agreement, PGC in this case could not have done it this time - just too large and I believe its a great deal and yes we will take a bit of pain until this hits a natural bottom - sorry Caketin it may not be 58c. However I think you may be the benefactor of some cheap shares if this carries on. I must make a bit of space for a few more if it does get a bit lower.
PGC Price at posting:
58.0¢ Sentiment: None Disclosure: Held
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