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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3.1¢ |
Change
0.001(3.33%) |
Mkt cap ! $13.36M |
Open | High | Low | Value | Volume |
3.3¢ | 3.3¢ | 3.1¢ | $1.101K | 33.40K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 140170 | 3.2¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
3.3¢ | 195096 | 4 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
3 | 461080 | 0.031 |
4 | 192908 | 0.030 |
4 | 153125 | 0.029 |
1 | 714285 | 0.028 |
3 | 178148 | 0.027 |
Price($) | Vol. | No. |
---|---|---|
0.033 | 195096 | 4 |
0.034 | 90781 | 4 |
0.035 | 230657 | 8 |
0.036 | 50000 | 1 |
0.037 | 258000 | 1 |
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