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Online Share Trading

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WOW or OOPS!

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THRESHOLD
Super Contributor
It would appear that 15286731 shares were sold at 17c this morning. Given the 29:1 consolidation, this represents a loss of R32 255 002.41. OR a profit to the buyer on an outlay of R2 598 744.27. (Unless this transaction is a holdover from yesterday's trade.)
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14 REPLIES 14
THRESHOLD
Super Contributor
Theoretically this could give rise to a 19x short position - so the banks will probably just reverse the transactions.
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THRESHOLD
Super Contributor
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topgun
Super Contributor
This one is obviously on your watchlist/one of your small caps...also following, waiting for BEE transaction details. Potentially nice recovery spec, nav discount.
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rsalie
Super Contributor
When a consolidation takes place, does all the previous bids and offers not fall away. It looked like the offers where there for a while and got taken out post consolidation. Seemed different when AET went post consolidation.
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THRESHOLD
Super Contributor
Theoretically the new consolidated share is a different instrument. So one might think that they should fall away. However the name of the share is the same - so this s an argument of type of error - error in substantia vs corpore etc. BUT - a buyer can expect that the offeror ought to know so caveat emptor. Your agent (broker) could maintain that it was your responsibility, as the seller, to pull your offer. Nice problem.
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klapka
Super Contributor
The JSE can cancel the trade if in their opinion it is an error on the part of buyer or seller. It is within the rules.
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THRESHOLD
Super Contributor
Depends on the type of error.
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klapka
Super Contributor
I see they have reversed that sale.
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Preston
Super Contributor
why is this share now trading at 13c a share?
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THRESHOLD
Super Contributor
YES. The brokers would have been liable for 18/19 of the loss. So that was always likely.
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rsalie
Super Contributor
it's not at 13c, check again. I think Sharenet is not showing FRI's action. The trade (12m +) was reversed ... banks should get their act together. BUT, looking at the trades that did go thru, it doesn't match up to the volume for the day (lots of 500K trades). Anyways, I missed that 10% I was targetting with the consolidation (before price stabilizes) ... there will be more.
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THRESHOLD
Super Contributor
If it is neglected for long enough, it may begin to slides again. If it becomes really cheap (R1-ish) I'll take 1% of the equity.
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THRESHOLD
Super Contributor
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Blik
Super Contributor
Low volumne - but a little jump up today. Big spread.
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