10c test, page-24

BG

You can't dismiss the pre-30 June sell-off as not being a tax strategy. Very legitimate way for traders to offset gains in other stocks, if they value trading stock at cost.

And as you pointed out, there is little liquidity in NKP on the ASX, so it doesn't really take much to drive the price down.

It doesn't matter what the price is now - market forces will determine NKP's value after (or if) the JV is announced. If the JV values NKP closer to 60 cents, then that's the direction the shares will head.

Everyone's guessing at the moment.