Nobody wanted to BUY OPELF! During the last two weeks virtually no shares of OPELF were traded even though they were offered at a price far below OPL.V. That indicates that it was not an unwillingess to sell, but and unwillingness to BUY that was responsible.
This virtual halt on trading activity on OPELF, where the trading dropped to a very tiny fraction of its usual already small volume and the prices were consistently well below the exchange adjusted Price on OPL.V, occurred following the announcement of Opel's impending name change. IMHO, given that it occurred with OPELF and not OPL.V, it was clearly due to the prior experience of the inability to trade OPELF for over two months following the previous name change. This was exacerbated by Opel management's grossly inadequate response when asked what they were doing to prevent recurrence of this problem with OPELF. Opel management's response was that what they would be careful to avoid submitting the application during trading hours. But that was what was responsible for the trading halt in OPL.V and had nothing whatsoever to do with the inability to trade OPELF. Many people undoubtedly concluded it was therefore highly likely that the same problem will occur with the US ADRs while Canadian shares would probably be able to continue trading without problem.
Given that it is no sprites whatsoever that almost no one wanted to buy any OPELF although clearly many were quite eager to sell it.
conveniently for Opel management, one of the many effects of the name change result is an inability to chart anything that happened to OPELF shares prior to the stock code change to POETF. I suspect that the real underlying motivation for the name change is this and many other associated effects where past history and events become greatly obscured. The market loses a huge amount of data on companies where name change is instituted making this an attractive move for companies that wish to bury their past. And as discussed in previous posts Opal technologies, now poet technologies has a great deal of past to bury.
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