19 bucks, 50% chance of success, page-28

I think that they had a strategy and given the weak market conditions, they used it to their advantage and they were able to accumulate into a falling share price. Little news flow as well at a time when time was on their side. Only when there is bidding competition will that change. It would appear that with all the recent additions in the top 20 there would of been some sort of bidding against each other, but it has proven this has not been the case. Make your own conclusion there. Regardless, at the end of the day, I conclude that anything under 40c has been a good accumulation level for them to get a base holding. I don't see this running too hard towards that level, would not be surprised to see a grind up back to that level before it starts to pop from there, providing management can meet targets. We can all see from the sell volume it's pretty thin there, so why push it up when you can frustrate people into selling.