Hey AureliusWilliam is correct. 2 directors of LSL (who are also...

Hey Aurelius

William is correct. 2 directors of LSL (who are also directors of the now failed Chimera) had 2.5 billion shares under margin loa with Primebroker.

Now that they went bust and ANZ was backing primebroker....ANZ ended up with the shares. From when they took over the shares on July 9th, they smashed the price down from 1.5-1.7 to 0.7 cents. The next day down to 0.4....the next down to 0.3...yesterday to 0.2 and seems they are just dumping at 0.2

ANZ has smashed the price a lot more then what they said would be a "controlled sell down" of securities they received under the prime broker fall out.

Its the only share I have seen lose 95% of its value in 4 days of trading.

Out of interest, I contacted ASIC who are looking into it.

I also rang the company..(basically I think it will eventually get back to 1 cent+ so could be buying at these levels).

The company said there is not much they can do. They have the funds in the bank that could easily buy the 2.5 billion back from ANZ but under the corporation act a company can only do a share buy back on 10% of its shares per annum.

So unless ANZ find a buyer for the remaining of the 2.5 billion shares...they will probably keep dumping on market.

they shot themself in the foot though as after 4 days of relentless dumping, no one is interested in helping ANZ exit....they were pretty stupid to shoot the SP down 95%..but once we know they will hold off or finished dumping or have a buyer for the shares, LSL at these levels could be very easy money. Even if it goes back to 1 cent (check the chart)...its a 5 bagger.

I picked up 3 million...tiny amount..but interested to see what ANZ decided to do.

At the rate they have been dumping, I worked out it would take around 50-100 trading days to get rid of their 2.5 billion.

But william is right on the assets and their position.....its just been an unfortunate turn of events with primebroker going down and ANZ ending up with shares in many company;s they are trying to get rid of fast.