Profit taking? Could be the big holders reducing even more as they have been, given that it was difficult to offload recently. (See recent SPH notices).
It looked like the usual low volume sell off at the end of the day, but then the price enquiry came and caused a liquidity spike which messed with the price discovery.
On the ASX it normally triggers automatically or at least with minimal delay. On the NZX it doesn't happen as much so they were probably half asleep and sent a fax after lunch. They likely didn't get a response until 4 but by then it's pretty much old news.
It also doesn't help that the NZX platform is totally bogged at the moment. Then you got UBS chucking in all sort of derivative contracts, the system slows, then they wonder where all the buyers have gone. It takes retail a good 15 mins to get orders on to the market. Once the price breaks, people get spooked and pull orders.
Just look at the spread at the end of the day 37-43, just lol
VWAP was 0.455 just before the announcement, but closes at 37. Go figure.
I wonder why Nine didn’t have a go at buying Sky, then merge Stuff under the Sky brand. Then Sky would do broadband, entertainment and news like their UK counterpart. A triple play, of sorts.
Instead it sounds like they sold Stuff Fibre for a modest sum and are still trying to dump the newspaper.
If they purchased Sky they would have had ~900,000 customers to market their broadband offering too.
Ouch, who did the numbers on this one. 12 cent raising when the share price is 33 cents? They could have raised at 20 cents and it would have made more sense. 12 cents is a guarantee way to ripe out the hearts of current shareholders just to pay debt with no added value.
Reply With Quote
Originally Posted by klid
....
Bookmarks