A beautiful flatline has formed for 12 days
just like it did 13-24 april at 1.8c then BANG BANG 1.5-1.8-1.5-1.3.
So don't roost on this just yet, lets see if they smash it to 1.0 or let it stay at 1.3 for a lot longer.
Any bounces may be met with shorting back to base 1.3-1.8-1.3 for example
I mean who is selling at 1.3c anyway? The bondholders got their shares at 1.0c so why bother selling here and most AGO LTHs bought at 100c-400c then 5c so why would they bother taking a loss at 1.3c. BGC contractor got in at 5c for example.
Seems to be all shorts and Instos down here trying to find some capitulators but looking pretty lame for those also. Its in a holding pattern and the bondholders are waiting on whether to trading halt this, takeit over cheap or ramp it again.
Any normal Board would have been engaging in aggressive share buybacks at these very low share prices and reduce debt/equity from strong cashflow. but AGOs Board is clearly under the thumb and told to hold off by the bondholders now who are taking a stranglehold grip on AGO.
Patience is a virtue, wait for the real floor not a false floor. A shorting attack at 1.0c or a trading halt is not out of the question.
AGO Price at posting:
1.3¢ Sentiment: Hold Disclosure: Held
