double bottom?, page-32

They already did that in case you hadn't noticed...3.1 was their low.

The selling has been going on since at least June last year, triggered by the failure of Gindara on top of the failure of Tindalo.
Check the sp tank from 15c to 4c in June/July last yr...mgmt informs the mkt "NDO is worth more than 4c, we think it's undervalued!"...the sp rockets to around 8c, and the sellers hook into it again, taking it back down around mid 3's by Oct.

Then they let it run to 5.4c...man did that suck in some buyers to unload to...next stop 3.1c.

You're right, eventually they will run out of shares, if they're getting low now, we may have a slow rise out of the ashes as they dump their last, helped along by those traders and short term investors willing to sell for +5%, +10%, +15%, etc, etc.

It's all there in the chart imo, and backed up by the top 20 list data...the last two sightings of which were, Q1 report 2011, and Byrne's top 10 mentioned in the 31 January preso this yr, where he even lamented the lack of institutional holding, and vowed to do something about it.

In June 2010 the top 20 held around 50% of stock on issue, with the top 10 accounting for around 37%.
As at 31 Dec 11, top 10 had 21% (ANZ on top with 3.8%), and I think they may have gotten rid of a few more by now.

Lastly, one intriguing fact from those last two major holders lists is that at Q1 2011, NDO had a shareholder base of 7,341. As at 25 Nov 2011 the s/holder base was 7,197...not what I would expect...unless we have a number of major buyers loading their portfolios...so far none have come in with 5% or better, or they have forgotten to tell us.