Strike was advised this week that its stock is being traded on the Regulated Unofficial Market of the Frankfurt Stock Exchange and the Berlin Bremer Stock Exchange.
“This facility was instigated without Strike Oil’s knowledge as was also the case with the recently announced listing on the Berlin Bremer Stock Exchange. Strike Oil has no reporting, regulatory or other compliance requirements to these exchanges,” said the company.
Although there is nothing stopping anyone in the world trading in the stock it could create extra volatility because of arbitrage opportunities. The Australian Financial Review for example said Strike Oil shares closed at 39.5 cents on the ASX on Tuesday, before slipping to 39 cents yesterday. In Frankfurt on Tuesday following the close of trade in Sydney the quoted price was 24 euro cents, which equated to 41.3 cents at spot exchange rates.
Australian biotech companies have long been the target of unauthorised listings in the US where securities dealers do not need to involve the company when seeking to initiate a quote on the over-the-counter market Pink Sheets.
