Tricom Holdings shares fell 12 per cent yesterday on fears the stock will face a sell-off later this week as new shares - bought at less than 8 per cent of yesterday's closing price - begin trading on Friday. The buyers of the stock in a May placement are expected to receive their shares on Friday, which some analysts expect will trigger selling as early as today. Under the T+2 settlement rule, the new shareholders could place sell orders today and settle on Friday when they acquired the shares, some brokers said. Tricom shares were placed at 31 cents in May, compared with yesterday's closing price of $4.40 during the first day of trading after the stock's five-for-one consolidation - which would give the recipients a paper profit of $4.09 a share. The 1.15 billion new shares issued in May will represent 17.8 per cent of Tricom's consolidated shares. The delay was due to the condition of the restructuring of the firm's parent, Pacific Century Group, being completed. 'If we had participated in this placing we would be sitting on the beach right now shouting sell orders into our satellite phone,' Webb-site.com editor David Webb said. Most market participants expect heavy selling in the stock over the next few days but some brokers said there could be buying interest after an initial fall. 'We could be seeing $3 for the stock but eventually it could be about $4,' one broker said. 'People will also be buying as Tricom is one of the more exciting companies at the moment.' Some technology analysts are bullish on the stock because of Pacific Century's plans to provide Internet services through satellite in Asia and venture capital for incipient Internet companies. Some brokers felt the Sunday announcement of an important asset injection and Intel's 13 per cent stake in Tricom was timed to soften the stock's fall this week.