MPG - Metro Glass

[Beagle]

Announcement released at 10.49 a.m.. In my opinion it is quite clear that some people traded on inside knowledge in the first 49 minutes of trade today. If anyone feels sufficiently motivated and aggrieved and wants to make the effort of a formal complaint to the NZX I think you should and I think there are good grounds to feel aggrieved.
This release was quite clearly prepared over the weekend and absolutely should have been released to the market before it opened this morning. WTF is the company thinking delaying it till 10.49 a.m. ?
The timing of this release is as "Mickey Mouse" as it gets in my opinion and a very sad inditement on the governance of the company.

[Filthy]

WTF is the company thinking delaying it till 10.49 a.m. ?

might have been an NZX error rather than MPG dragging the chain. who knows. pretty poor form either way though!

[Beagle]

might have been an NZX error rather than MPG dragging the chain. who knows. pretty poor form either way though!

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

[Filthy]

Someone needs to be brought to account

definitely agree with you there mate!

[sb9]

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

Couldn't agree more, smells worse than a rotten fish.

[McGinty]

Announcement released at 10.49 a.m.. In my opinion it is quite clear that some people traded on inside knowledge in the first 49 minutes of trade today. If anyone feels sufficiently motivated and aggrieved and wants to make the effort of a formal complaint to the NZX I think you should and I think there are good grounds to feel aggrieved.
This release was quite clearly prepared over the weekend and absolutely should have been released to the market before it opened this morning. WTF is the company thinking delaying it till 10.49 a.m. ?
The timing of this release is as "Mickey Mouse" as it gets in my opinion and a very sad inditement on the governance of the company.

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.

[winner69]

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

[trader_jackson]

No worries - takeover offer has to be on the way now... has done for several other dogs (SLI, TL, TGH)

[steveb]

also the price is starting to bounce,you might well be able to buy/sell around that .72c mark by day's end

[Beagle]

I couldn't disagree more with the above two comments. It would appear clear from the price and volume action that some people acted on inside information first thing this morning. That much is pretty clear and that's all that's required for an insider trading case to be brought if the evidence supports my contention. Definitely worth making a complaint and an investigation has very strong merit but as I have suffered no loss and have run a number of campaigns previously, (which have been massively time consuming), its up to others to run with this ball if they choose to for the same of helping ensure our capital market is run in an orderly and fair way AKA not the "Wild West".