@Jmax88, this is the lowest ASX volume in a year bar 2 days in May when price was 3.0c!
The May volume was around average 70M daily and the lowest was on 28-31 May of 6.5M-14M daily with only 2 days in May lower than yesterdays & todays ASX volume.
Yesterdays volume was 8M on ASX so lower than all of Mays average and 3rd lowest annually.
yet today ASX volume so far is 4M so very low yet again.
And what happened after Mays low annual volume, it went to 4.5c a 50% share price jump.
You are missing the point, which is that the volume is at annual lows and saturation point has been hit as those holding wont sell and no one is trading but yet someone is still buying above the bid price.
And we see that Gina has not issued any new sub holder notices daily the last few days and none for the last 1-2 days meaning there is either none or nominal acquisitions.
Last we heard Gina had 58% but this was also issued last week at 58% and changed back to 54%, so some large acceptees of 3.7% may have revoked their acceptances. This figure is interesting as it equates to FMGs onmarket sales at 4.2c of 3.53% so maybe FMG didnt sell to Gina as we thought as these were not an acceptance transfer to Gina by FMG.
Either way, the onmarket sales to her continue to be blocked at 4.25c by some large buyer and the ASX volume has dropped significantly. Those above bid buyers have staked $45M cash that AGO paper scrip will be worth much more than 4.25c-4.5c. What do they know that we dont know?
The point is that the volume is dropping like a bucket of iron and Ginas volume capture has fallen away. Ginas bid was a lowball opportunistic bid which she knew was blocked by FMG from the outset so she knew she might only get 50-60% from the start. This is significant as she knew AGO would then remain listed with her as majority owner and majority Board controllee with FMG a large holder and Board holder also.
Come 22 August, there will be no sellers, I cant see Gina, MMA FMG twiggy selling any of their 88% holdings and the only sellers maybe small retailers but these large buyers and even FMG or their shareholders may still be buying, then an EGM will be called to spill the BOD and install the new team which I will attend and report on.
Its pretty clear to me, as we see the daily volume dry up like a hot day in the pibara sun on a red rock, that the vast totality of remaining holders are like me, HOLDING LONG & HOLDING STRONG!
