Someone who wanted to sell then buy back in the SPP by the looks of it. I hope they've got their payment off in time - it would be tragic to sell now and not be able to buy back!!
Bring on another market update!
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.....I guess that was always on the cards. Anyway this stock is going to do well medium/longterm in my opinion.
Yes, people may dump some of their SPP shares for a quick profit in a week or so (or indeed now). But don't forget the opposite may also happen: people who missed out in the case of an over-subscribed SPP may be wanting to buy in what they didn't get.
Too, if there is over-subscription (and who knows?) then the company seems likely to me to put in a minimum allocation and then scale back requests over that amount (just a guess, of course, but allowed in the terms 2.8(b).) If so, people who have gone for the maximum will miss out more than those who came in at lower levels. Would such people more likely be those wanting to sell at a profit, or those trying to build their holding? Who knows? All very exquisite to double guess what people are doing here!
Did someone just buy about 1% of the company on the open market at almost no premium by cleverly timing it for when people would be feeling pretty relaxed about selling ie. when the SPP issue was completing?
A premium of 0.4 cents is chickenfeed. According to my (rough) calculations, BLT would have to make an additional 200k profit to justify that at a PE of 20, or considerably less given the high-PE phase BLT will probably go through if/when it announces a profit (ATM has a PE of 103 at present.)
Anyone else have any guesses on why so many shares changed hands this week?
I must admit, the liquidity this week has been reasonable - maybe they should do SPP more often. The issue with an illiquid stock is no big boys can enter as they move the price to much.
Does anyone know when we find out what shares we have been allocated through the SPP
From the Ts & Cs of the Offer document:
"6. TIMETABLE
6.1 The key dates for the SPP are:
Record Date 11 October 2013
Offer opens 15 October 2013
Last day for receipt of Application
Forms (5.00pm)
1 November 2013
Allotment date for shares under
entitlement offer (last date)
8 November 2013"
Resistance at 0.017 slowly eroding. May see that disappear in next day or so.
Could be some volatility though once shares from SPP are allocated. I'm hoping people hang on to all of their allocation and let the price climb continue!
Sold out a little under half of mine for approx 35% profit, will buy back in if it drops to .010 - 0.012. otherwise will be using that for other things. discl: only bought a small amount to start with approx $1200 worth