Ann: Erregulla Deep-1 Flowtest Commences, page-71

That is a very different discussion to delays for WE, etc. Market psychology is an entirely different beast altogether and there is probably a thread with a million posts discussing the very topic. Different people will have different reasons to buy, sit tight and sell at any given point. As you know, pricing is a function of supply and demand, and right now, there is a tight tussle between buyers and sellers. It isn't a case of no buyers. There were in fact buyers (and sellers) of 10 million shares today, one of which was me. Just because the price isn't rocketing up doesn't mean there is no buyers. The question should be more about the sellers. Why would anyone sell at such steep discount? To be honest, I have absolutely no idea and frankly, I don't really care. Whenever we take an action, we are essentially saying we disagree with the market. If we buy, we think the market has underpriced an equity based on our calculation. If we sell, we think the market has overpriced an equity. So unless we change our mind and decide we are wrong, then what the market does in the interim doesn't change anything. Based on my calculations and the information that I know, I'd happily hold STX even if the market stops trading for the next 4 years. That's how little I care about how the market is trading STX right now

I can't answer for you or anyone else as to what and why they choose their course of actions. If and when we do recover to say mid-30s, one can apply the same questions retrospectively and ask why didn't more people buy back when it was in the teens and low 20s.

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