Well, after seeing what happened yesterday, I must say that I don't know what to think.
Hopefully, I wasn't the only one that noticed the manipulation. After the stock ran to the mid 80s on a market order put in by Georgia Pacific 'someone' saw that the MD was quite thin on the bid side and therefore decided to sell some shares in order to bring the price down to 1.70. Having broken said level, someone put 7500 shares on the ask at 1.70. Coincidence with the PR regarding the issuance of options? No proof here, but kind of weird because this morning said bid didn't appear on the depth. Could someone have driven down the price before issuing the PR in order to look good (issue options exercisable at a higher price)? Well, only one person knows that answer, right Mike?
Now, were you aware that the underlying principle of any major exchange's Policy on timely disclosure is that all persons investing in securities listed on a major exchange have EQUAL access to information that may AFFECT their investment decision?
Not sure, but the way management seems to be dealing with PR doesn't necessarily reflect said statement, does it?
Well, maybe this might help clear things up. From a legal point of view, information is classified on different levels. Of these, the most important level is known as material information. What is material information? Material information is any information relating to the business and affairs of the company that results or MAY REASONABLY be expected to result in a SIGNIFICANT change in the value or market price of a company's listed securities. In the case at hand, no one would argue that an order (as insignificant as it may be : 2,000-3,000 shares) would have a SIGNIFICANT impact on the stock price.
Without limiting the generality of the foregoing, the following is generally considered to be material in nature and require IMMEDIATE DISCLOSURE:
any development relating to the business and affairs of the company that would reasonably be expected to significantly affect the market price or value of any of the company's securities or that would reasonably be expected to have a significant influence on an INFORMED INVESTOR'S INVESTMENT DECISIONS.
Now, even the smallest order would add some credibility to the company and its product. Even more, if it was from the army. Mike, just hope you haven't delayed any deals with third parties because you are not ready for MASS production. Being in the business for 30 or so years, you know better than me that a backlog is the best way to go before production starts right?
Jack/LOR, would one of you know if the company is incorporated under the Canada Business Corporations Act? Or is it under provincial law? I presume it would be under federal law. Just curious.
Thanks in advance
AK
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