I keep seeing posters telling us that AJX is being manipulated,...

I keep seeing posters telling us that AJX is being manipulated, that institutional buyers are shaking the tree buying in ...

Personally I think its just plain rubbish and here is the evidence I can put forwards to support my argument.

1. The top 20 shareholders hold far less collectively year on year so average holdings have dropped.
2. The hurdle to get into the top 20 has moved from 2 million shares to 2.1 million shares.
3. The market cap is only $130 million so even a new top 20 holder would have to have 2.1 million shares or an investment at todays prices of only $850K really to deploy all these antics and strategies we would have had to see at least 5 institutions in the top 20.
4. Read the names of the top 20 and look back to the past list really in fact the standout is the number of super funds and retail customers in the list. You dont see Perpetual , IOOF, Australian super ....
5. The shareholders in number have grown 29.7% year on year. and in fact we now have 5574 shareholders

As far as I am concerned the reason for the share price is the past boards behaviour who seem by way of comments that they didnt really mind marketing the company via turnover growth. That profitless sales were fine ... There is a great saying Turnover is vanity profits are sanity. I think that the negative gross margin doesnt seem to be marketing material given away but rather sell sell sell and no regard to whether you can profitably service that market segment. I believe that a lot of money was squandered in this effort.

As far as I am concerned if a new management team had not taken over I would have sold - I dont care how good the opportunity is bad management practices don't in fact make money at any level. Had the Good Doctor not got Alexicool going I am not sure this company would have the opportunity to get FR out there.

Really this has been another lesson for me. Right now because of past behaviours I dont want to cut the board any slack. I dont think that my trust relationship is anything other than - The opportunity is better than the board and I am investing in this in spite of my concerns and that I would not be surprised if the share price drops into the low 30's to get the valuation under $100 million and into speculative territory. This in no way reflects my trust in DVH and BB and the team of management which is probably why I am still invested here...

This is all my personal views and nothing more than that.