FOLLOW UP TO LSE11 Dec 2008 18:16
I have a complaint regarding the buying and selling of a particular share, UNITECH (UCP) offered for trade on London Stock Exchange. I am of the opinion that the share price was deliberately manipulated by person(s) not yet known to me in that despite a huge volume of purchases, with very few sales, the price bid and ask did not show substantial variation on 11 December 2008.
I viewed live share price movements on the website http://www.shareprice.co.uk/advanced/ and on various occasions saw a flash of red which indicated a downward trend in the share price. That flash was then followed by a green flash indicating a purchase. On viewing the transactions listed on the website http://www.lse.co.uk/SharePrice.asp?shareprice=UCP&share=UNITECH, such a set of occurrences did show after the 15 minute delay had expired. A large sale was made, followed by smaller buys, with this being repeated in a few sales, but in total approximately 1,000,000 shares were sold in this manner, with the bid price shown as varying between 7 and 7.25 pence when they were sold
The bid price was maintained until I sold my holding of shares at 1414 hrs, at a substantial loss, below the 7p bid price that had been indicated. My broker was unable to get a fixed price of 7p and the shares were sold at “best market”The share price closed down, even after a purchase of 1,000,000 shares, timed at 15:39:14 hours had been made…….
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