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Spread is ridiculous to deter buyers.
Looks like an oversight here that MOD have not issued any shares on listing.
There are no shares on the LSE, all MODs shares are held by ASX shareholders. The way ASX works is trades are matched - there are no market makers. So, because no one has any LSE held MOD shares (unless they have been transferred) the market makers cannot get any to sell, therefore they need to deter buyers - hence massive spread.
Any buys will then be collected over night on MOD, see premium on price here and also the small uptick on MOD-ASX.
AIMO.
"The market price of the Ordinary Shares could be negatively affected by sales or an additional offering of substantial numbers of Ordinary Shares in the public market, or the perception or any announcement that such sales or an additional offering could occur." Prospectus, p. 15.
Any fund manager who wants to buy will wait for a placing of new shares, in order to get a discount on the market price. And he knows that this will almost certainly happen, because MOD intends to raise US$64m. by the end of next March (see LSE listing prospectus, p. 12).
https://www.modresources.com.au/sites/default/files/inline-files/mod-propectus-lse-20181120_revised.pdf
It’s got closer now MOD are 36c in OZ, it’s equivalent to 37.8c over here
Well it doesn’t look like any ii’s Made any trades today.
Anyone guess what’s going on with the spread?
Premium being paid here?
24.3 x ER of 1.77 = AUS$ 43
May wait to see if this settles down. Will Oz move up or UK fall ?
Thoughts anyone ????
Lennie
Major New Developments at Botswana Copper Project
.............https://t.co/KDYPdtI7p5
$MOD Admission to Trading on the London Stock Exchange
Julian Hanna, Managing Director of MOD, #Botswana commented:
“We are delighted to be joining a peer group of quality #copper companies listed on the Main Market of the
London Stock Exchange. https://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=02052103 … #MTR
Just bought a few to add to my MTR. ATB
First trade GLA
12.500 @24.3
Gla.