Whenever a stock does something unexpected then of course some are taken off guard. Remember I asked already before the question, why a so-called dead company should have so much buying interest that was clearly shown on the bid side of the ticket.
Since start December 2014 roughly 200 Mio shs. have been traded. What happened yesterday was not the buyers chasing the price on the contrary, the MM’s left the party as there were no offers on the ask side. So the latest print as such is the result of missing sell-side liquidity and had nothing to do with volume. The volume took place within the parameters 0.0004 and 0.0007. The last print was done with 10.000 shares.
Why people now should be confused I cannot understand. The debate about how many shares actually have been in the float is not new and at one time I guessed it would be no more than maybe 500 Mio shares. The last reporting figure of the float situation we have from June 2013 and the figure at that time was 360 Mio.
What people forgot to ask themselves is the following: Who financed all those years AAPT? I would say money from Europe (based on the old filings) and this in the period 2008-2012. And if those from Europe have their Certificates in the safe, then of course it cannot be in circulation. And why should they have it in the safe? To remove a legend, you have to return the certificate to the T/A together with a legal opinion to get the certificate stripped of the restriction. Then this certificate will be returned to the holder – free of legend. Some from the period 2008-2012 may have sold their shares but some of them may have not . Comes to it, that as starting in middle of 2013 banks in Switzerland stopped accepting physical delivery of certificates and around middle of 2014, banks in Germany did the same.
As a matter of fact they only accept electronic certificates (and for this a company has to be DTC eligible) and only from companies that are en-current on one hand and on the other hand have the stock price of above $ 2.—
But then in summer 2014, banks in Switzerland and Germany started a new blow.
Those who had Penny-Stock in their portfolio not meeting the above described criterias got a letter, to sell those shares before end of December 2014 or the bank will book them out.
For me then it made sense, that in December 2014 the volume picked up, as those who had cleared their shares longer time ago and not already sold got confronted with the fact, that as end of December 2014 (at least in Switzerland) based on the wish of his bank, those companies not fulfilling the criterias must be sold or will be booked out worthless. So some sold as can be seen by the volume and some I would guess, just allowed the banks to book them out worthless. Maybe that this process is still going on as in Germany they were allowed to go over the period of December 31 so as to have some time.
But somebody of course knowing those rules picked those shares up because shrinking of liquidity in the float leads sooner than later to higher prices if the buyer or the buyers are of the opinion, that AAPT somehow will survive. And for reasons I cannot explain because it would be pure speculation, I guess AAPT will survive. In what form and under which jurisdiction and more, I just cannot know.
Weeks ago I wrote a piece of how AAPT could be saved and restructured. I stick to it and say: If I would be the old group who had financed the company in the period 2008-2012 and would face a total loss, I would certainly find a way, to recoup my losses but then of course you have to take money in your hands – but not equity related – restructure the company from inside and outside and start new. But doing so would then mean as well, that I would try to get a handle on the float to participate twice on a possible revival. If you are in control of the float from whom do you want to get the ask? So it will be interesting to see, how this story unfolds in the days and weeks ahead.
And never forget, if a script should exist to turn the company around, you need in a tender only 51 % to have the saying.
Last but not least: If and I say clearly if a Programm should be on the table or in the works to turn the Company around, then those doing it and have the saying will not have an interest in the past they have only an interest in the future of this Company. And I would say, rightly so.
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