I am a firm believer in Cann Group, but the recent surge was a classic pump and dump.
AFR posted their story with way more information than they should have had access to. They gave no source or evidence to verify their claim of a $4.50 valuation. Buyers pile on as expected and push the share price up.
Cann Group confirmed only that Aurora was in preliminary talks about a transaction and denied that it was for a takeover bid. Share price keeps climbing anyway.
Cann Group releases ASX response to officially counter the AFR story. Share price falls dramatically, as expected.
I doubt there will be any further announcements on an Aurora transaction in the immediate future and as the quick-money buyers lose patience the share price will make a slow march back to its previous level.
Aurora may eventually takeover Cann Group completely but I suspect a 4-5% increase in their holding to come first. Based on my own research I believe this is the transaction they were in preliminary discussions about, but time will tell and only true insiders really know.
I hate seeing games being played with genuinely valuable companies but I took a great profit during the recent surge. If it falls as much as I expect it to I’ll be rebuilding my long position but the current price is based on blind speculation and I don’t trust the rumour mill for a second.
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Last
3.3¢ |
Change
0.002(6.45%) |
Mkt cap ! $14.25M |
Open | High | Low | Value | Volume |
3.2¢ | 3.3¢ | 3.1¢ | $20.29K | 634.2K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 165228 | 3.2¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
3.3¢ | 21556 | 4 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 165228 | 0.032 |
4 | 700847 | 0.031 |
14 | 731966 | 0.030 |
5 | 438000 | 0.029 |
3 | 63000 | 0.028 |
Price($) | Vol. | No. |
---|---|---|
0.033 | 21556 | 4 |
0.034 | 1350902 | 4 |
0.035 | 518743 | 8 |
0.036 | 100000 | 1 |
0.037 | 258000 | 1 |
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