might have been an NZX error rather than MPG dragging the chain. who knows. pretty poor form either way though!
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its not small fry selling look at the volumes on offer it institutional. there announcement is a warning that a big competitor is entering the market in nz and also an admission that in aus the market is under pressure from there largest competitor there flooding the market with discounted product
Someone needs to be brought to account. Sellers were clearly privy to inside information this morning and acted on it. Someone needs to make the effort to hold them to account. A formal complaint to the NZX market surveillance panel would be a good start but I have too much work on so will leave this particular battle to someone with a vested interest. Do it quickly so that the NZX has a chance to void this mornings contracts would be my hint. Here is the contact details of the NZX in terms of making a complaint, will someone for the sake of the integrity of our capital market please pick up this ball and run with it ! https://www.nzx.com/regulation/complaints
agree BP, the volume is not massive. only $276k thus far. 2020 still gives them 2-years to prepare for the new market entry. should hit guidance next week, so could be a bit of a bounce back coming after they report... I also wonder if FBU will perhaps run a ruler over them now after recently losing out on STU.
Agree Beagle, the company should have been placed into trading halt prior to Market open. IMO the company will be most likely at fault as the NZX relies on the individual companies to help keep the integrity of their stock. If your right in your assumption that the release was prepared over the weekend, the company has definitely dropped the ball (the board should have done something if the CEO wasn't in place).
If I was a buyer this morning at 72c I would request that the trade get reversed as the market wasn't fully informed.
New extruder entering market probably been talked about by market players for a while, just like Metro’s biggest competitor is on the block
Balance’s glass contacts probably gave him a heads up on industry rumours ....but rumours were true. Is this ‘insider knowledge ‘ or just good old ‘competitive intelligence’
But potentially losing 75 big customers is a big big threat
No worries - takeover offer has to be on the way now... has done for several other dogs (SLI, TL, TGH)