Stand Up Against Manipulation of TRX/TNX
TNX closed in Canada at C$4.97 on more than 500,000 shares. TRX was trading at $4.92 seconds before the NYSE/Amex close on good volume. Someone entered a “market on the close sell,” order that was bigger than the average day’s trading to close at $4.11 on the NYSE/AMEX. The time of this final transaction was 4:05pm, five minutes after the official closing bell.
My more than 50 years in the investment business tells me that this was a short whose only intention was to manipulate the price to benefit some aspect of his position and had little to do with option expiry.
As you know the fundamental progress of our company has been excellent this year. Our cash position is excellent. I know of no change in that positive trend.
I am angry at manipulation. I am angry at the failure of our NYSE/AMEX specialist to conduct an orderly market. I am contacting all regulatory authorities and exchanges to complain and ask you to do the same for our company we have worked so hard to build to where it is today.
Please help me defend us, our good company, our employees and the country of Tanzania with whom we have made a unique full partnership transaction. We will not let some egomaniac behind a computer play with us like this with no attention to rules or regulations. It is time to fight back. You can be assured I will to the fullest of my experience, position and ability.