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The Listing from Nick Clark, page-79

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Northen_munky

10,115 Posts.

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17/03/15

10:15

Post #: 14925694
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Originally posted by littlegreenman ↑

Mak, you're right in my opinion and every finance scholar would agree in principle. However look at what LTCM tried to do with Royal Dutch Shell. Shell traded at a hefty (I think 12% premium) in London so LTCM bought millions of Royal Dutch in the Netherlands and sold millions of Shell in London. The trade never worked because prices didn't converge. LTCM went bust and it took another 8 years!!! for prices to finally converge.

If you take Exxon Mobile pre amalgamation, prices however converged. This hints at different levels of risk aversion in different countries. The same we are seeing in Oz vs the U.S.? I mean think about it, why is everyone excited about the US listing and expecting s higher share price? Shouldn't Oz alone rally to $1+ purely based on the expectation? Another example I can think of is Orazcom which has a permanent premium in the US over Egypt. Doesn't make sense but it happens.

One thing Gavin mentioned at the AGM is that they had lined up a market maker. I guess that will allow for close to parity but at the end of the day who knows. Just random thoughts.

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With the SP Does somebody know something we don't this morning...

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AJX Price at posting: 69.5¢ Sentiment: Buy Disclosure: Held
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Last 1.1¢		Change 0.000(0.00%)		Mkt cap ! $17.31M

Open	High	Low	Value	Volume
1.1¢	1.1¢	1.1¢	$440	40K

Buyers (Bids)

No.	Vol.	Price($)
3	3333885	1.0¢

Sellers (Offers)

Price($)	Vol.	No.
1.3¢	40000	1

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No.	Vol.	Price($)
3	3333885	0.010
4	348888	0.009
3	570000	0.008
2	240000	0.007
3	516888	0.006

Price($)	Vol.	No.
0.013	40000	1
0.014	137511	2
0.015	129929	2
0.016	5328505	2
0.017	321118	2

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