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Sri Lanka Equity Forum » Stock Market Talk » HEXP, WHAT IS BEHIND THE SCREEN

HEXP, WHAT IS BEHIND THE SCREEN

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1 HEXP, WHAT IS BEHIND THE SCREEN on Thu May 18, 2017 11:23 am

Miss-Sangeetha

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Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
What is now going on with the HEXP is Hayleys sponsored HEXP pushing up for much anticipated HEXP rights issue announcement.

Now they think that the present market condition with GPS plus concession is the right time for their rights issue announcement and creating the suitable condition for HEXP in the market. After the so called documental land sale HEXP’S  NAPS is suddenly jumped from Rs.59.74 to Rs.92.17

This is the main reason the HEXP took sudden upward trend movement supported by Hayleys sponsored, sudden buying pressure to push up HEXP to their target rights issue price.

After the Hayleys internal land sale between its two subsidiaries HEXP and Alumex PLC , sharing common directors (Means buyer and seller are same person), fixed exorbitant high price for the HEXP’S Ekala land than surrounding place land value  price.

 Hayleys main focus point in this mere documental land sale is their forth coming HEXP’S rights issue. HEXP is an illiquid stocks, Hayleys connected parties are placing buy orders above the normal buy order bid, after creating artificial upward trend, suddenly they are turning as seller and sell their HEXP and again they are turning as a buyer above their sold price.

 Thus they are creating the chain reaction on the HEXP order book create upward trend movement of HEXP. Last year, before the HEXP’S AGM approval of this so called land sale, they released this land sale story to the broker firms and they used this stimulation or the trend to trade their own HEXP share as day trade and they cleverly included this profit in their financial reporting as share of profit of equity accounted. This profit is almost half of their gross profit value.

The same thing earlier, Tough wood (TWOD) and AINV did it but all shouted as manipulation or scam but HEXP is not TWOD or AINV. HEXP is a good company but this is not an excuse create platform to plunder others money.

But we have learned good lesson from the rights issue history of CSE, but in the case of HEXP it will be sever because HEXP is an illiquid stocks.

 Earlier broker agent Teller even suggested big dividend from this documental land sale, but HEXP offered Rs.1.50 dividend subject to 10% Tax.

HEXP being illiquid stock could be easily push up or pull down with huge profit or loss margin. When they announce the right issue, it will be the worst disaster for those dancing with positive thoughts and dreams.

If anyone checks the HEXP trade most of the HEXP buyers are our retail one and a quarter experts and sellers are well experienced big institution with big share research departments including Bartleet    

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