As what I have posted this morning? That is the same Qns market watchers are asking now? Why did the BIG BOYS want to buy when Jade is declining sharply like a high falling knife? Who do you want to be? A millionaire will be in the making if you know how to ID the gem....
ML sold 100 million Jade @ $0.22 and still have 100 million. Who can absorp 100 million shares of Jade tomorrow, if ML wants to sell?
=DJ Merrill Sold Large Volume Of Jade Tech Shares Tues - Source
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SINGAPORE (Dow Jones)--Merrill Lynch & Co. (MER) sold about 100 million Jade Technologies Holdings Ltd. (530.SG) shares Tuesday, likely in a move to unload collateral pledged to it by troubled Australian broker Opes Prime Group Ltd., a person familiar with the matter said Friday.
The sale could be a blow to Jade President Anthony Soh, who had placed 295 million shares with Opes Prime to back a loan taken to fund his takeover of the Singapore-listed software company.
"The daily volume for Jade is usually a few million shares, but Tuesday it was around 196 million," the person told Dow Jones Newswires.
"Merrill sold about 50% of what went through, mostly at S$0.22 a share."
Soh Wednesday said he may not have sufficient resources to complete the S$0.225-a-share offer after Opes Prime was put into receivership with A$1 billion ($918 million) owed to creditors.
Apart from the 295 million shares, Soh continues to hold 156 million shares representing 16% of Jade, which he manages.
Merrill Lynch and Australia & New Zealand Banking Group Ltd. last week began selling shares that Opes Prime had pledged to them.
It''s unclear how many of the 295 million shares wound up with Merrill Lynch and ANZ.
Merrill Lynch said Friday that it no longer has any exposure to Opes Prime as it has sold the shares received from the broker.
Merrill Lynch couldn''t be reached for comment about the Jade share sale.
Jade last traded at S$0.22 Tuesday before trade was halted.
- Dow Jones Newswires; 65 6415 4153
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