There have been and there are a few companies which are living deads on the market - kept alive via 'oxygen' being pumped in so they can become backdoor listings.
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of course. I've made one or two tidy profits from companies being taken over in such a fashion. here's hoping for another.
special trade of 50 million shares this afternoon. who might be buying ... ?? volumes in the past week or so have been higher than average. I could make a guess at who is selling, but on the other side ??
Yes - holding up surprisingly well. Maybe people trying to ride CVT coat tails given how well they have done and dont realise that CVT is getting shares at 8c + a nice interest rate in the meantime??
Agree - its actually hard to keep up with. I was wrong with the comment I passed about CVT using convertible instead of exercising options at .8 to protect share price. Options they have are actually 1.5 cents so only reason for not exercising is they got a much better deal.
Director sells shares on undertaking to Takeovers Panel
SeaDragon Limited (NZX:SEA) has previously received enquiries from
shareholders regarding the sale of relatively small parcels of shares by
entities associated with Stuart Macintosh (current director). As disclosed on
26 January 2016, Mr Macintosh was required by the Takeovers Panel to sell in
aggregate 5,282,125 shares. Mr Macintosh has advised the company that this
requirement has been met with the sale of 3,551,300 shares on-market on 1
June 2016, as disclosed to the market today. This sale was completed pursuant
to an exemption to SeaDragon's securities trading policy and guidelines to
allow Mr Macintosh to comply with the Takeovers Panel's requirements.
Mr Macintosh has confirmed his on-going commitment to SeaDragon and has
advised that he does not currently intend to sell any further shares. Any
further enquiries regarding these transactions should be directed to Mr
Macintosh rather than to SeaDragon.
So that explains some of the volumes last week. Perhaps we will learn more about yesterday's trades sooner, rather than later.
https://www.nzx.com/companies/SEA/announcements/283771 wasn't a long weight and not overly surprising that as soon as trading window opened the founder and former CEO is taking the money and running.
No "confirming on-going commitment" this time. It really is the miracle stock though - 100% teflon - nothing sticks and nothing impacts price. Until the day it does..
So fairly predictable on the sell side. But again, would be very interested to know who/what was buying. I understand Forsyth Barr made the trade on both sides.