TNO chart, page-46

It's rather simple. The TNO share split has not increased or decreased its attractiveness. The size of the pie is the same, its just been cut by 4.62 times. People buy it for FA reasons, TA reasons, follow short-term money and move it between whatever the 'hot' sector is at the time. Whether its (about) 19 million shares or now 148 million makes zero difference.

Bringing 'price closer to peers' is meaningless. TNO market cap pre and post-split is still the same. It's like comparing RIO at $82 to BHP at $33. BHP is the much larger company, SP has nothing to do with it. Likewise, TNO's vanadium acquisition is what brought traders to TNO - it was largley a 'shell' company before this. The split was only a ST disruption to traders, it didn't provide a reason to attract new traders to trade it.

There are many other similar examples of lowish SOI stocks that move, that run on news or bullish market sentiment:
* S66 recent IPO (listing price 50 cents). Ran to $2.03 in 5 days. Just 75 million SOI.
* TAR ran from 12.5c to 39c in one day back on 1/3/2018 with just 78 million SOI.

Here's the trade data for TNO in March & April, including days following the acquisition announcement (ie. pre TNODA).

Many days over 100 transactions. TNO's low SOI did not scare traders away.


Also, if holders of TNO were not aware of the split timetable and that shares would be trading under TNODA, then they really should not be trading. This is basic stuff.

Anyway, the split is done. It was a waste of time and disrupted the flow of trading for a while. Management don't need a slap on the back for doing it. If it were some magic pudding all the low SOI spec stocks would be trying it. TNO from here will continue to respond to sector and company market sentiment, just like it did previously.