Forum Archive Index - June 2000

["Warner Lamb" <cloud9@i4free.co.nz>]

I just thought I would share this with those who may not be aware.I wasn't
Recently I placed a sell order with my broker @ 29c on a share that was
trading @ 25c. Because at the time the lowest sell was 30c, I was first in
the queue @ 29.Subsequently the share rose to 29c for one day and thinking I
had sold was happy with a short 16% gain.But when my account wasn't credited
I rang my broker.He explained that during the time I had my sell order the
company had announced a rights issue,This he said wipes off any existing
orders which the broker must then put back in the system.Well in my case,he
wasn't so quick and others had got in before,leaving my order further down
the line and not getting away.The share dropped back to 25-26c and my
potential profit gone.I wonder how online traders would get on..ie
notification.
Warner


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