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Looking at a snapshot of the 1.8p spike:
04-May-20 16:20:04 1.28 680,000 Sell* 8,704 UT
04-May-20 16:19:34 1.7998 55,009 Sell* 990.05 O
04-May-20 16:18:13 1.7998 55,231 Sell* 994.05 O
04-May-20 16:17:46 1.2002 53,592 Buy* 643.21 O
So a small buy went through at 1.2p. This next 2 transactions are rather weird, as they are fairly small sells but at 1.8p, which is 50% higher than what the price MTFB had been trading at. Straight after there was an uncrossing trade sell at 1.28p to reset the price back down again. A few subsequent sells went though at 1.3p.
So what caused the spike up to 1.8p and why were these sells rather than buys?
My guess is the MMs saw that there were a couple of limit sells set at around 1.8p and they wanted to buy these up so they raised the bid to 1.8p for a couple of minutes to trigger these sells. Did anybody see what the ask was during this time? I'm guessing it must have been somewhere between 1.9p and 2p and nobody bought during this period. It hardly seems worth it to secure just over 100,000 shares but that is what appears to have happened IMO.
Has anybody else seen this sort of thing happen before and know the reason for it?
I’d say they are filing an order. Buy at any price below X. And they took those. Expect a few holding RNS’s. IMHO dyor I could be wrong.
I was trying to get a quote from Fidelity International Investments for a sell of 25K. Could not get a quote. This was within the last 10 minutes of the bell. I was expecting around .014
I watched it intermittently through the day and did see it go from.75 to 1p and back. I have seen this happen years ago on SOLG when it went from 10p to 85p and back to 11p within a minute. The thing to remember is that the MMs set a range for prices throughout the day.
BOJO2020, the 1.8p spike happened between 16:18 and 16:20 then there was a lot of frantic trades (30+ trades at 16:20). After that there was only 1 solitary auto trade at 16:25, which suggests MTFB went into auction at 16:21 and no PIs had a chance to buy shares after 16:21.
ATISHA, I've only bought 2 AIM stocks so don't know all the MM tricks, although with EUA the other AIM I bought I saw some of the MM tricks. One time the EUA share one mid morning plummeted to about 40% of the opening price. It only stayed that price for less than 1 minute, but it seemed to be that the MMs had decided to take out lots of stop losses. After under 1 minute it was back up at around 90% of the starting price. There were loads of sells and very few buys, which made me think that the MMs managed to mug lots of PIs that were unlucky enough to set a stop loss. It was at this point I learned it wasn't a good idea to set stop losses on AIM shares! With EUA I set some optimistic limit sells on 30-40% of my shares at 10-20% above the finishing price of the previous day. If the sell was triggered (usually in the afternoon) I could usually buy in the next morning at 10-15% lower. This worked with EUA as the MMs usually did their tree shakes in the morning and the price typically climbed back in the afternoon.
Numbers,
Same here - I never put a stop loss on an aim share as have seen the very same happen and it is sickening. The mms probably have to make a sale themselves at a low sp to make it a valid trigger to go down and pick up cheap shares. Should be fca investigations when it occurs and hefty fines. I also have a look to see how easy it is to seek and buy a sizable amount as sometimes you are stuck with shares unless you are willing to sell at much lower prices and it is horrible.
Wow some BS spouted by Atisha. I held SOLG at the time. It went up from 12p to 80 and settled close of play at 52p, didnt crash to 11p as you say so stop talking ****e. It took another month for it to come back down towards 20p. Those that are out and spiteful pricks can do one. I sold NCYT at 60p from 40p, Im not deramping on that board now its £4. I saw and didnt buy GDR at 12p - my bad, not deramping there either. Let people make some £ in peace deramping twunts.
Well said
First bought Novacyt last day of January
Scrambled to get back am now holding
Been here a while
Got whacked last year
Fortunately averaged down 2 weeks ago at about 0.20p
Need sub 3p to make a modest profit
Stay safe
Sthg that's got me thinking is that the company wasn't forced to issue a cautionary RNS yday.
Let's see if there's one at 7am. And if the tsunami of buying continues. An RTO into Lamellar is more than we could have hoped for just a few weeks ago. It's 'mutli bagged' already but it was completely on its a*se and had nothing but failure priced in.
If they can get back to 5+p like some are suggesting it'll be a greater comeback than a Rocky finale.
A very sincere GLA.
It going into auction doesn't mean you can't buy, you just need to put an order on the exchange. Be it a limit or market order. I think there was that much demand at close that they went into auction so that they could effectively close out the day. I put a market order on at 16:29 as I wanted back in on the off chance of a gap up this morning.
Was watching the auction live like it was a footy match or sthg. Went into extra time!
Usually they're closed by 4.40 but this one went on and on. Was happy with the price at close. Just waiting for an RNS now, SP could continue to run amok in the meantime..!
Motif Bio plc
("Motif Bio" or the "Company")
Placing to raise £650,000
Motif Bio plc (AIM: MTFB), which has been reclassified as an AIM Rule 15 cash shell, announces that it has raised a total of £650,000 (before expenses) by means of a Placing (the "Placing") via the issue of 162,500,000 ordinary shares of 0.01pence (the "Ordinary Shares") in the capital of the Company with an institutional investor (the "Placing Shares") at a price of 0.4 pence (the "Placing Price") per Placing Share.
The Placing, which uses the Company's existing share authorities, was undertaken by the Company's broker SP Angel Corporate Finance LLP, details of which are set out below.
Background to the Placing
Motif Bio is undertaking the Placing at this time in response to investor demand. In addition, the Placing will strengthen Motif Bio's balance sheet as the Company's Directors continue to focus on sourcing an appropriate reverse takeover candidate for Motif Bio. The Company's Directors are currently in discussions with several companies in the healthcare sector that have expressed an interest in proceeding with a reverse takeover, although at this stage no assurances can be provided that the effort will be successful to source and/or complete a reverse takeover transaction.
Following its reclassification as an AIM Rule 15 cash shell in January 2020, the Company is required to make an acquisition which constitutes a reverse takeover under the AIM Rules by 28 July 2020, failing which the Company's ordinary shares would be suspended from trading on AIM pursuant to AIM Rule 40. The Company's admission to trading on AIM would then be cancelled six months from the date of suspension, should the reason for the suspension not have been rectified.
Use of Proceeds
The net proceeds of the Placing will be used as follows:
· To strengthen the Company's balance sheet as the Company's Directors continue the search for an appropriate reverse takeover candidate; and
· To provide the Company with additional working capital.
Following the Placing, Motif Bio will have cash of approximately £815,000 which will provide the Company with sufficient working capital until February 2021. The Directors will continue to impose disciplined cost controls.
Details of the Placing
The Company has conditionally raised £650,000 (before expenses), by way of a Placing to an institutional investor of 162,500,000 Placing Shares at the Placing Price.
Application will be made for the Placing Shares to be admitted to trading on AIM ("Admission") and admission is currently expected to occur at 8.00a.m. on or around 11 May 2020.
Assuming the issue of all of the Placing Shares, the Placing Shares will represent approximately 33.5 per cent. of the existing Ordinary Shares and will, when issued, represent approximately 25.1 per cent. of the enlarged issued Ordinary
What planet you on?