retracement, page-38

I think it's market sediment that driving the share price. Posts from tawyport & ttstoo seem to suggest on a technical level things are progressing fine.

The good thing about GDY, is I doubt any margin lenders would offer loans for GDY shares, so I doubt there are any margin calls!

There are probably starting to get some more financial risks, than technical these days which could scare people.

For starters, that NOV rig that costs USD$38.3 million or
AUD$45.4 million two weeks ago, *could* now cost $55 million. I don't know if there was any hedging.

At June 30, they had $99.9 million in bank bills, term deposits and cash at the bank. I hope these are invested wisely - They look like they are and there is no reason to suspect otherwise. I had a similar company that just had to write some of their investments down.

Since June 30, they have raised another $44.1 million, so they are in a great cash position. With credit freezing up, the market would be concerned how they will fund things, but clearly in the short term this is not a problem for GDY.

At June 30, GDY's NTA was 0.977. They have since issued shares at $1.50, so it's possible the NTA could be as high as $1.03.