sell side??, page-12

the sell side in GBE is constantly big since GBE has released its sensationel resource estimate at March 31 2008. At these date some 67 mln shares were outstanding with 10 mln shares held by management. Since then another 26 mln shares had been issued. On average 75 mln shares were outstanding. But since 31/3/2008 more than 105 mln shares have been traded (roughly 1.4 times of outstanding). This is pretty much if you take into account that GBE has not been promoted and is wastly unknown and not been discovered by the typical trading clientel. But where is all the selling coming from? If you compare the top20 statments there are not many changes apart from this Asian hedge fund and apart from Pala (5% stake) no new entries in the top5 >5% league have been reported. But if its not retail investors and not the typical long term investors who is trading all this shares. I remember one event back in 2009 when suddenly a 1 mln share sell order appears in the order book. This leads me to the conclusion that some interested parties trying to play their games with GBE probably buying into the stock as cheap as possible probably amongst themselves and selling into the hikes.
I hope that GBE is a decent story and I hope that the obvious contradictions between the Top20 statement in 2009 and the change of interest notifications are irrelevant. I have never received an answer on that from Mark and I hope that he is not involved in this type of games.
Normally and compared to its peer GBE should be trading somewhere in the 60ies or even higher with a market cap around 60 mln A$. The REO story alone justifies the current market cap of 19 mln A$ but if you include Kanyika in the valuation and if you look at CCE that has twice the market cap of GBE a much higher valuation is obvious.

Without the current trading pattern GBE would be trading on much lower volume. The lack of interest in this stock make such games possible but as soon as we get real volume (interest) in this stock it will fly. But patience is necessary here.