This week has seen several names drop -5% but on the 31st July ORI dropped the sharpest…

ORI was the only name in the property sector that had suddenly dropped by -15% 2 days ago, and it made zero sense when comparing the share price performance of PSH, LH, AP, and ANAN during the day. So what caused it?

Good old fashioned rumourssssssssss, the rumour in the market was that they were going to either 1) Do a PP or 2) Do a 1 for 1 rights offering, and that apparently both of these efforts had failed and then the next rumour was that the company was going through financial difficulties.

Promptly the founder announced via the SET

Further to the news reports appearing that Origin Property Public Company Limited (the “Company” or “ORI”) has a plan to increase of registered capital at the ratio of 1 existing shares to 1 newly issued ordinary shares, the Company would like to inform you that such information is untrue. Currently, the Company continues to operate normally and the Company has no plan to increase of registered capital.

Source: SET

Its amusing that markets haven’t changed.