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Gold/Mining/Energy : Flag Resources (FGR.A A)
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To: Patricia L. Toope who wrote ()5/16/2000 1:29:00 PM
From: jbr29  Read Replies (2) of 4269
 
A point of education:

Consider the first four trades this morning (see below). This is a classic baiting scenario. The volume had been fading so an account from Greenline throws out a lowball 300 shares at 10c below yesterday's closing price.

Buyer Seller
09:37 0.72 -0.06 8,000 33 Canaccord 2 DS
09:30 0.72 -0.06 10,000 85 ScotiaMcLeod 2 First Delta
09:30 0.72 -0.06 2,000 85 ScotiaMcLeod 2 DS
09:30 0.68 -0.10 300 2 DS 7 Green Line

Now stop and ask yourself: Unless the Greenline account holder is in desperate need of cash (a possibility, but remote), using Greenline's commission structure he will only realize proceeds of $151, or $ 0.50/share, paying what is effectively a 26% commission and a full 28c below the last trade (of Monday):

Sale proceeds: 300 x $ 0.68/share = $ 204
Greenline Commission: $49 + (2% x $204) = $ 53.08
Net Proceeds to client: $ 150.92
Net share price received after commission: $ 0.50/share
Commission percentage: 26%

Given that he does not need the cash to feed his family, what other possible reason could he have for selling this low ? How about he has another account at DS and is effectively selling it to himself ? Maybe, but doubtful. A better possibility: He or an associate has an account at Scotia in which case DS and First Delta became the marks, selling 20K shares at 6c under 78c.
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