Here's what the TSE Regulators had to say Wednesday. I'm not a big fish myself, so I don't know when to pursue inconsistencies. But something still stinks. Anyone wanting to pursue this further, send an email to Steve Stojanovski at the TSE (his email shown below).
(This info. is cut directly from my "sent" box, hence the most recent is first.)
"Thanks for the reply. As I figured, Pioneer is a small fish in a big sea, hence probably doesn't catch your interest. I have been holding this stock for a year, and I know an attempt to manipulate the price when I see one. Just thought I'd let you know in case a pattern becomes obvious. In all honesty, no-one would pay a commission of $20 or $30 to move 40 shares with a total lot value of $4 if they didn't have something in mind. Remember, this is the end of a quarter, and mutual funds holding Pioneer are going to want to show the best possible price to their clients (window dressing, etc).
And no-one would pay $.015 more than the previous close on a ten-cent stock to move 1000 shares if they didn't also have something in mind other than price manipulation. The 1000-share trade was the ONLY trade in the whole day. Anyone wanting to make an investment would wait to buy at the best price. Pioneer may be "illiquid" as you say, but it's not THAT volatile on low volumes.
If the trading pattern at the end of the week makes me feel even more "jilted", I'll drop you another line. Thank you again for your time.
Regards,
*********
----- Original Message -----
From: sstojano@tse.com
To: *********
Sent: Wednesday, September 27, 2000 12:06 PM
Subject: Re: Someone's Messing With The Price
Hello *********,
Please do not forget that 40 shares does not constitute a board lot of
shares. Like the NYSE, tradeing on the TSE is primarly executed boardlots
of either 100, 500, 1000 shares, depending on the price of the stock.
Oddlot trades do not constitute reasonable volumes or values and as such do
not affect the official price of the stock.
Oddlot trades can and will also usually trade at premiums or discounts
because their units are not easily tradable.
In addition PSM is a very illiquid stock with very little trading volume.
This may also result in large price fluctuations in the companies share
price.
If you need further clarification feel free to contact me again.
Regards,
Steve Stojanovski
********* on 09/27/2000 01:00:46 PM
To: marketregs@tse.com
cc:
Subject: Someone's Messing With The Price
TSE Regulators:
Please note that someone (or some people) are manipulating the price of
Pioneer Metals. The volume yesterday at closing was a mere 40 shares, if
my Yahoo! printout is correct, and the price was $.005 higher than the
previous close. Just too obvious.
Today, there have been 1000 shares traded, but at 12 cents, up $.015 from
the mere 40 shares traded yesterday. Come on, someone is jerking us
around. Ya, it's not a big stock, but the manipulation is making me gag.
Respectfully,
*********
*********, BC" |
