For the last month there seems to have been a systematic sell down of this stock. Whoever's behind it seems intent on pushing the price down as far as they can. They seem intent on inflicting as much pain as they can on shareholders. I could understand it in June where tax loses can be achieved but why today?
Is it being setup for a takeover bid? The way the share price is heading, 20c looks very nice at the moment.
Once they sign off the deal with Shell they can sell 2% and get $75 million plus they can sell the CRUX lead items which could bring in another $30 million. That's $100 million which could be used to pay down some Longtom debt and/or do some exploring. Either of which is highly postive. Not to mention the remaining 15% of CRUX which must be worth $??? millions.
It makes no logical sense why the price is dropping like a stone?
systematic sell down
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Last
27.5¢ |
Change
-0.015(5.17%) |
Mkt cap ! $80.21M | |||
| Open | High | Low | Value | Volume |
| 28.5¢ | 28.5¢ | 26.0¢ | $30.57K | 112.2K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 19549 | 25.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 27.5¢ | 9999 | 1 |
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| Last trade - 16.10pm 26/07/2024 (20 minute delay) ? |
| NXS (ASX) Chart |