ASX Complaint Form: If you believe the PLS price is being manipulated, please complete the ASX Complaint Form and email it to
[email protected] . Suggest you include PLS on that email
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| ASX Complaint Form Please complete this form and attach any supporting documentation and send via one of the options below:
Customer Service
ASX Group
PO Box H224
Australia Square NSW 1215
Email: [email protected]
Fax: +61 2 9227 0885
If you have queries regarding this form please contact Customer Service on 131 279 or +61 2 9338 0000 |
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| 18 | Are you lodging this complaint on behalf of another person? (If yes please fill out below otherwise skip to Section 2) |
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This is the link to access their complaint form:
http://www.asx.com.au/about/enquiries-and-complaints.htmI contacted the ASX at @ 1:30 pm today and they confirmed that they will investigate claims by shareholders about manipulation of the share price of PLS shares, as long as those complaints are in writing. Their complaint form needs to be completed and emailed to them at
[email protected]You can also find this complaint form at asx.com.au go to "About ASX" then to the last tab "Contact ASX" and towards the end of the doc which appears there is the link to the ASX Complaint Form (same link as above).
The senior advisor at ASX for PLS is Ben Secrett, ASX Listings Compliance, tel 13 12 79 (option 4). But please note the ASX will generally not act on telephone / verbal complaints, or HotCopper posts, so the form needs to be completed.
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I am sure that the price of PLS is being manipulated, and throughout today's trading has been held in a narrow price range of between 67 - 71.5 cents which I have monitored continuously during today's trading session.
Despite today's very positive announcement, 23 sellers were listed at a maximum 71.5 cents for several hours. At open, 23 sellers of more than 1.2 million shares effectively capped the price increase to 71.5 cents. It cannot be coincidental that, for several hours, 23 sellers continued to be listed with large volumes to ensure the price remained within a narrow range.
At 1:55 WST, just before close, you can see that this pattern has continued, but at this time with 20 sellers for a large amount of shares (comparative to the buyers at that time) remaining.
| Column 1 | Column 2 | Column 3 | Column 4 | Column 5 | Column 6 |
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| 1 | 0.700 | 473,572 | 19 |
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| 2 | 7 | 92,126 | 0.625 | 0.705 | 180,610 | 8 |
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| 3 | 12 | 265,888 | 0.620 | 0.710 | 823,078 | 20 |
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| 4 | 5 | 108,000 | 0.615 | 0.715 | 300,454 | 15 |
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Why would the price be manipulated in this way ? I don't know. WHATEVER THE REASON, I would report this manipulation if you believe it is occurring. The ASX will act on price manipulation (up or down), and although we more often hear about "please explain the price increase", downward manipulation is also illegal.
Perhaps the Chinese might be looking at a takeover down the track, and are keeping the market down to reduce their takeover offer (IF they make one). I have nothing to "ground" that possibility, but it is one possible explanation. As you know, takeover prices tend to track the latest share price average for the 5 days prior to the takeover offer, with a percentage uplift typically of anywhere between 20 - 100%, depending on many factors individual to each particular case and overall market sentiment.
Perhaps institutions are keeping the price down in the hope they will get stock at a lower price after the DFS than they would had they not sold to keep the price within their "acceptable" trading range.
It is certainly true that share prices in emerging miners frequently take a few days after a "positive announcement" to translate into a "real" price increase. However I believe the manipulation has been taking place for quite some time.
The market will correct this situation, it always does. Detailed investment analysis after DFS is what is needed. However, I am as frustrated as are many others on HC about the perceived share price manipulation of PLS.
PLS will have details of shareholdings and changes to those holdings, they may be able to "decipher" what is going on. In any case, the directors of PLS are obliged to inform their shareholders and the ASX if they believe the PLS share price is being manipulated.
Good luck to you all, there are bright days ahead, despite the frustration !!
Crystalball22
(20min delay)