Trading in Burger Fuel shares has been spasmodic at best, since listing on the NZAX
on July 17 2007. They hit a low of 29c earlier this year.
The Burger Fuel(BFW) chart tells a horrible story.
Down 18% today to NZ 42 cents and testing its all time low of 29c.
No operating news yet but sales and profit figures will be coming up in the next month or so.
Some news just at the end of last year though that a Wellington Burger Fuel store was extensively damaged. That would take out a fair amount of revenue.
My efforts to get BF shares have again come to a greasy end.
I tried to put a bid in today at 25 c but was refused by ASB Securities because "it was too low"
The "5% rule" applies, where you cant bid below 5% of what the last sell price was.
That is, even though a bid of 29c was on a buy order a few weeks back and the last sell was above 60c the buy order was allowed to be placed.
The ASB broker told me "someone at the NZX put it through".
I still cant figure out how I'm supposed to get my bid in, for what I think the company is worth, in such an illiquid stock if I'm not allowed to put my bid in how I see fit.
Time may take care of the share price though.
Related reading on the Share Investor Blog
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C Share Investor 2008
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