you are right on the money mate, I could not have said it better (so I won't).
What I have been wondering about though, is if companies can take these matters into their own hands, by operating their own share purchase scheme outside of the ASX (perhaps while keeping the one in the ASX as well).
The non-ASX scheme could operate similar to the ASX scheme except that NO SHORTING would be permitted, no PUT options, no CFD shorting, or any other trading that either bets on or forces a stock price down.
A stock price should be allowed to go down naturally as a result of bad management, bad production, lack of sales and all those normal things that cause reductions in stock price, jeez........ there is enough of them without adding SHORTING and the rest!
And, the non-ASX scheme would also OUTLAW the use of Algorithmic Trading and BOTS.
I would buy Galaxy shares in this environment and quit the ASX.
Does anyone know if companies are legally permitted to set up their own trading schemes like this?
If anyone knows a trading lawyer perhaps you can ask them, because I would really like to know the answer.
GXY Price at posting:
39.3¢ Sentiment: Hold Disclosure: Held
