Economic conditions and regular shorting to keep the share below 3c so the company cannot get cash have caused this action.
The shorting should be exposed in my opinion as most people have a good idea who is doing it and why they want to keep the shares below 3c.
This move by the board is financially practical (if a pity) and basically looks to me like a showdown with the manipulators. You want to keep it down? Fine but we get cash to work with NOW and then open up the same opportunity to all shareholders.
Those with no cash (not only the small shareholders probably) cannot follow. Those who are solid will follow and benefit as one has already shown. This will reduce the number of small shareholders and possibly indesirable ones who cannot come up with more cash.
It will also put financing issues behind the company so that it can get back to business and away from wasting time dealing with people who the ASX should be dealing with.
Overall disappointing but practical so long as some good news is around the corner.
Economic conditions and regular shorting to keep the share below...
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Last
0.3¢ |
Change
-0.001(14.3%) |
Mkt cap ! $9.515M | |||
| Open | High | Low | Value | Volume |
| 0.3¢ | 0.3¢ | 0.3¢ | $100 | 33.27K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 49 | 19062147 | 0.3¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 0.4¢ | 12731463 | 25 |
View Market Depth
| Last trade - 15.59pm 05/07/2024 (20 minute delay) ? |
| ECT (ASX) Chart |