RE: What will it take?15 Jun 2020 19:57
No definite answer to your question but trading in Paris today was revealing in my view. A strong open and decent volume trading during the first 7 minutes around €2.55. Then, out of nowhere, a 100k shares dump on the bid taking the price down to €2.37 and triggering a halt. Strong buying directly after the halt taking the price back up to around €2.47. Within minutes followed by another dump of 80k shares pushing the stock back to €2.33. This was enough then to kill buying appetite for the day and turn yet another number of (small) holders into sellers. Say 200k shares spent in the first 20 minutes in order to be able to accumulate several multiples of that at a 5-8% discount during the rest of the day. Rinse and repeat until targets are achieved or a great RNS ends the fun: I’m guessing that’s how you build a large position on the cheap when your pockets are deep and, for instance, the company was not willing to accommodate your desire to invest via a share issue. I wouldn’t be surprised to see a new major shareholder announced one of these days.