Insider Executive Chairman Neo Kim Hock had been selling rights & shares even BEFORE the suspension of 4 Oct without reporting to SGX till yesterday nite at 2336 hrs (Co Announcement no.171):
Wed (2 Oct): 4.0m rights at $2.2956 = $9,182,400
Thurs (3 Oct): 3.445m rights at $2.14 = $7,374,022
Fri (4 Oct): No announcement. Suspension day.
Mon (7 Oct): 500,000 shares at $0.1844 = $553,200
According to the sgx filing on 7 Oct, it was " sales due to Bank forced selling"
xtraderx ( Date: 07-Oct-2013 23:15) Posted:
The SSHs are holding over a billion shares of blumont, they are dead if blumont goes back to $0.02, this is an exercise to support the price, but will confidence return so easily?
Jackpot2010 ( Date: 07-Oct-2013 22:46) Posted:
Beware. Insider run road liao - Executive Chairman Neo Kim Hock is the 1st person to jump this (sinking) ship.
Neo Sold 95m of his shares to one ang moh who is taking over his post. Neo then redesignated to Non-executive director (i.e. hands-off day to day operations). Another insider also sold 40m shares to this same ang moh. This person is not named but could be Ng Su Ling (just wild guess).
The indicative price for the above sale @ 40c is questionable - its shows that insiders gave a low valuation of Blumont Group, nothing close to its previously traded price before its collapse of over $2. Even then why should the ang moh buy at 40c instead of 13c via open market transaction.
There are still lots of unanswered question on this co.
Originally Posted by erebos View Post
I think there will be another bounce when all the restrictions are lifted. But this may be a last chance to exit as the euphoria will die down and as time passes by the trio must deliver real results, which can be very difficult since their business models are questionable - buy small bits and pieces of very marginal junior mining companies (which are already listed) hoping that some of them will turn out to be very profitable. If they are so capable of identifying such companies, then we can just mimic and buy these companies ourselves.
Artificial lack of demand as one cant buy unless provide cash upfront..hope worth this morning effort bringing cash to buy this burger,Blue Mountains
When the designated was lifted sure cheong to a resaonable level..what I experienced in Jade(Cedar..now) worth taking the bet since Bluemountain is profitable since 2009,,recalled how citibank went below USD5 and AIG...can punt but be prepared to lose unlikley all the capital-in short better than casinos
Originally Posted by erebos View Post
I think there will be another bounce when all the restrictions are lifted. But this may be a last chance to exit as the euphoria will die down and as time passes by the trio must deliver real results, which can be very difficult since their business models are questionable - buy small bits and pieces of very marginal junior mining companies (which are already listed) hoping that some of them will turn out to be very profitable. If they are so capable of identifying such companies, then we can just mimic and buy these companies ourselves.
Artificial lack of demand as one cant buy unless provide cash upfront..hope worth this morning effort bringing cash to buy this burger,Blue Mountains
When the designated was lifted sure cheong to a resaonable level..what I experienced in Jade(Cedar..now) worth taking the bet since Bluemountain is profitable since 2009,,recalled how citibank went below USD5 and AIG...can punt but be prepared to lose unlikley all the capital-in short better than casinos
When the designated was lifted sure cheong to a resaonable level..what I experienced in Jade(Cedar..now) worth taking the bet since Bluemountain is profitable since 2009,,recalled how citibank went below USD5 and AIG...can punt but be prepared to lose unlikley all the capital-in short better than
casinos
ust a sell down for those who bought on thursday and friday whom are unable to pick up. 2 dollar stock 10 lots already 20k.shd be ok at 13cts quite stable liao..lack of demand becoz pple cant buy but come out cash,internet users can't buy too..can only sell for those who hve scrips
sphodeli wrote:
This counter is being fried...next step would be the CAD and IRAS coming in to check...
For those that just entered the market, read these:
S-Chips Scandals - Wikipedia, the free encyclopedia
Bulls and Bears: Tales of the Zoo: The CLOB Saga
Caveat Emptor. Not vested.
uy a few only scared kenna suspended pending MAS or CAD investigation..anything is possible especvially Bluemont,LionCorp and Assiason...may be called for for fraud or stock manipulation..troublesome too must bring cash downChairfallFrownCopCop
Singapore Exchange Ltd. (S68.SG) is investigating short-selling activity seen in the shares of Asiasons Capital Ltd. (5ET.SG) and Blumont Group Ltd. (A33.SG) that violate trading curbs placed on those stocks, the bourse said Thursday.
Asiasons and Blumont are among three stocks subjected by SGX to trading restrictions and added scrutiny since Monday after sharp plunges last week. The curbs included bans on short selling, margin trading and contra trading. "We will be investigating these cases and take the appropriate disciplinary actions as necessary," Kelvin Koh, SGX's head of market surveillance, said in an email response to queries from The Wall Street Journal. The short-selling activity in question took place on Monday, he said, without elaborating on the investigations. Asiasons and Blumont declined to comment.
In his Thursday comments, Mr. Koh said SGX would continue monitoring trading activity on the three stocks, and "lift the designation as soon as it is appropriate to do so."
The short-sale ban required that sellers of the three stocks already own the shares they wish to sell. In short selling, an investor borrows a security from a broker in order to sell it, hoping to buy it back later at a lower price to repay the broker, with the investor pocketing the price difference. Buyers of the three stocks, meanwhile, will have to pay cash immediately to settle the trades upon execution, rather than buying on margin, or using borrowed money. SGX's designated-securities framework also bars online trading and contra trading. In a contra trade, an investor offsets an earlier share purchase with an equivalent sale before the initial deal is settled; this allows an investor to book profits without committing any capital, as long as the selling price is higher than the purchase price.
Some action will be taken against those who shorted heavily must have prior insider info..CAD will act against especially the directors or related relatives...
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