AIM order not being filled?

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I have been trying all afternoon to buy some shares in a penny stock on AIM without any luck.

Currently it looks like: -
  • Bid is 1.05 and Offer 1.20p.
  • Volume today has been approx. 330,000.
  • Typical buying volumes of 20,000 to 83,000.
  • Typical buying prices of 1.125p to 1.188p

I have been trying to buy approx. 220,000 shares and started the day with a limit order of 1.13p, then 1.183p, then 1.188p, then just gave up trying to get a good deal and increased the limit to 1.20p (full ask). It's been almost an hour and it still hasn't been filled.

Any tips? I'm thinking I can split the order into smaller (e.g. 2x110,000) buys and pay commission twice, or put in a market order (worried about getting ripped off), or just try again tomorrow?

Market closes soon so any advice would be much appreciated. Thanks...
 
Your first problem is trying to buy nearly 10x the average volume all in one fell swoop.

With such a thinly traded penny stock you are most likely dealing with the Market Maker due to little or no matching orders coming in between the bid & ask. The MM isn't going to give you a better price than he lists from his own book so you are stuck buying or selling at his price. If you enter a market order for 220,000 shares you are going to get filled at average price way above the offer.

Peter
 
wackypete, sounds reasonable. I will try talking to the broker about letting me break it up into several smaller purchases without paying multiple commissions...

I just ordered an L2 service which will hopefully help for tomorrow. I figure it will probably pay for itself on this purchase alone.
 
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