bcsca any idea, page-25

There seem to be 390m shares on issue, of which apparently 13m traded by 1430 today and 52m in past week. Something like 60pc held by institutions yet despite this massive turnover, with exception of yesterday's Macquarie 6m share adjustment, nil notices of change of major shareholder interests in last month despite price collapse. Also nil change of director interests.(Figs from CommSec/The Age sites).
It must be reasonable to assume that no Directors or major shareholders value the fully paid at more than the $2 outstanding (ie a 33% loss since initial subscription), which isn't a million miles from other roads infrastructure. Question is how much lower than the $2 and of course there's an artificial floor at this level until trading with the next instalment.
If one excludes Macq's trade and then 46m of the non-major shareholders' 156m shares have changed hands between totally confused retail shareholders in the price collapse of the last week (ie 30pc) without being able to blame shorting and with not a peep from the Company or ASX.
Given the possibilities of a huge gain if the distribution goes ahead but also a huge loss if new buyers can't sell before the next instalment (and complete chaos if the DRP goes ahead) I feel that a statement is well overdue.
Meanwhile there is no way of assessing how far the FP market value has fallen below the 33pc floor imposed by the instalment process, but any further selling by Macq or other instos would suggest the worst. Presumably that floor was breached the moment the share price fell below the supposed 5.95c distribution figure and the subsequent Macq bale out?