Sungold Gaming International (SGGNF) Message Board

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Non-Tech : Sungold Gaming International (SGGNF)

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To: OPINIONS!!! who wrote (1558)	2/24/1998 5:55:00 PM
From: OPINIONS!!!	Read Replies (1) of 5164

Everyone: The recent market action on SGGNF has been quite interesting, to say the least! I would attribute the downward pressure to mainly short-sellers and NOT shareholders. According to Kim Hart and his analysis of the daily trading summary from the MM's, there is still a enormous short position for the short-sellers to cover and keep in mind that the MM's only obligation is for a fill of 100 shares. Therefore, given the animosity towards short-sellers, any attempt by them to purchase large blocks of shares would be tantamount to "pissing in the wind"!!! The short-sellers were aware that the much anticipated Michigan JV press release was temporarily delayed and that there would be no announcement at the AGM. They seized upon this opportunity to create an illusion that the Michigan Project was in jeopardy and that frustrated shareholders were selling their shares. This was never the case! Shareholders never sold their shares! Instead, its my belief that the short-sellers have been sacrificing their own shares and continue to do so, to perpetuate their illusion that shareholders are dumping their shares. The extremely thin trading volume is a clear illustration that the short-sellers have only limited shares to sacrifice and will eventually lose the battle. Their present objective is to maintain the downward pressure on Sungold and attempt to keep the share price below the $2.00 level and hope SGGNF shareholders capitulate and sell their shares. Another objective would be that, when the JV news is released and if the share price is still below the $2.00 level, the result of the positive news would only translate into a gain that would bring the share price back to the $3.50 level which was where we were at, a mere 2 weeks ago! In essence, by keeping the share price below the $2.00 level, they're assuming the impact of the JV press release will be mitigated. All shareholders at the AGM were informed about the exciting developments and those that were unable to attend were able to read the posting by John Lawrence which gave a detailed account of the AGM. So, don't be deceived by the recent market action! Maintain the faith!!! All the best! S.M.

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