I would say that a large number of FGE holders were emboldened by the ANZ support of the company. I know of people who said that ANZ would not be supporting FGE if it were a basket case, because they, the ANZ, would have done their homework.
So much for the ANZ and its research. What price their credibility now?
They should be held responsible to some degree. FGE shot up to $1.96 very recently mainly because it had the rock solid support of the ANZ. Well, now we know it did not. Did the ANZ mislead the market? Maybe ASIC needs to have a look.
Fortunately I have sold my FGE a few weeks ago, happily for a profit. I despise what the ANZ has done.
FGE Price at posting:
91.5¢ Sentiment: None Disclosure: Not Held
