The asxinsights page is written by some, but one holder of CDU shares in particular that with assistance from the company was able to put together a report showing basic manipulation of the share price of that company, in particular.
As a former holder of CDU shares, I was caught up in the hype over there, and have met and know the writer of the ASXinsights page. He is a passionate shareholder and has proof of manipulation in all the documentation.
However what has ASIC done about it? To my knowledge nothing, though they might be still gathering evidence etc.
Basically ASIC seem to be toothless when it comes to the large organisations, but make a scapegoat out of the odd inside trader here and there.
Because so little came from all the work in gathering evidence on the SP manipulation in CDU, is one of the reasons why I set up the email group.
In CDU's case, the share holders never knew the entire story of what was happening behind the scenes, and the company went from 5c/sh to $10/sh and is all the way back down to 50c/sh. There were many things that the share holders were never told by management, but should have been, like the DFS in 2011, that was never released.
The approach they took into the SP manipulation never worked, and nothing has been done about it, despite many small share holders losing a lot of money over it. Tied up in the SP manipulation was/is the announcements by that company that in hindsight could cause a class action to be implemented. (I have to be careful how I say things here, I'm not implying any wrong doing, just trying to state facts)
The 3 largest shareholders got together and had the chairman and CEO resign (same person) as deadline after deadline that the company themselves set came and went. They still have not shipped any product (Copper concentrate) despite the fact the plant was meant to be operating by mid 2014. It is still in commissioning.
Anyway to stop a long story being longer, the method of complaining to ASIC didn't work in their case, and I doubt it will work in our case either.
Hence why I set up the email group here. While basically the intention is to stop a cheap takeover, by being a large shareholding group, should we detect any shenanigans etc, we do have power as a collective of small holders. By becoming a substantial holder for a small period of time, but then unable to sustain the numbers, as people don't like their shareholdings and addresses shown up for the whole world to see, we are a known group and could wield extreme power within the company if ever necessary. Hopefully it will never be necessary.
Currently I think everything is going according to plan, and despite the low SP for the value of our resource being very frustrating, in time true value will come to the fore. Though there are always some that think some aspects can be run better, and that will always happen as no-one is perfect, I'm very happy with the way everything is turning out from the companies perspective.
The share price is able to be manipulated by those trying to buy more shares on a large scale, (always just within the letter of the law), because we don't have any large supportive institutions yet. That will change after the DFS IMO, orafter we start producing profits etc, but at some point.
If we the smaller holders, just continue to hold and not let the market tricks of the trade get to us, we will be eventually rewarded. You have to remember that all the tricks being used now to keep the SP down are there to separate us from our shares at a slightly higher price, so the big boys doing the manipulation make all the profit later on.
The email group is there to support the confidence of the small share holder so that all the usual games don't separate us from our right to make a lot of money from our great resource.
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