Looks like the stock might have been hit by a short-term and opportunistic Pump 'n' Dump!
The stock took-off a few days before the rights made it to shareholders accounts and now the share price is drifting back to where it was this time last week. I'd say the market needs to digest the rights issue fully before we see another similar rally.
Don' think it looked like the work of BoA, I was thinking that perhaps Acorn might have been picking up a few more? OR perhaps Patersons had already promised a few and then thought that they might not have enough - i.e. no short fall? Does anyone with more industry knowledge than me have an educated view on the subject?
Having said that I'm looking to take up might rights. Not without risks, but I think the Pros outweigh the Cons at this fork-in-the-road.
What is everyone else going to do in the next couple of weeks (esp. you long-term guys)? I'd really like to hear about it from a few different points of view.
Cheers
Gus
PLA Price at posting:
8.8¢ Sentiment: Buy Disclosure: Held
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