ACN 0.00% 28.5¢ acer energy limited

insider trading and asic

  1. 2,872 Posts.
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    Looking at the ASX's short selling it indicated at end of day yesterday [25 Feb] 521,500 INP shares .
    Total volume for the day was 583,800 highest price $0.96c.
    Todays sales 842,508 close @ $0.855c
    i.e Sell @ $0.96......if you know theyre aint gonna be any
    good news buy back at todays lower prices.......i.e some @
    $0.855......nice little profit.
    Todays announcement was basically same as previous day other
    than 'Preliminary analysis of wireline logging is underway and current operations are preparing the hole to run production casing '.

    Why is short selling allowed.......I have contacted ASIC
    today concerning this & CFD's, surely it gives a complete
    distortion of a Company's true worth and should be stopped
    Like other long term holders of INP, on what we have so far been told, and that includes the top 20 who were in the SPP at $1.17 and so far we have not been advsd of any change to these 20....these shares should be at least in the $1.50-$2.00 range.....not the crap price that they are currently at.
    The sub-prime in the USA may have been the catalyst,for falling market prices, but short selling triggering margin where the buck really lay................maybe we all need to hit ASIC as the regulatory body of ASX surely has conflicting interests and it would be to their disadvantage to stop this insidious ruling
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