Most shareholders that wanted to sell did so , especially those whose shares were in a tax loss situation sold before the end of June.
We also saw a number of CCZ clients sell in the 20's despite the broker setting a $0.44c target on the stock .
After that, the company put out a market update that was very clear in disclosing the revenues and EBIT are going to a bit lower than some of us may have hoped for , and this also gave weight to new selling pressure
At the same time the company confirmed a much better banking facility that allows savings on interest expense and more importantly provided scope to make acquisitions without having to issue new shares below the last cap raise at $0.37c .
That said I know I have had times when I have had to sell shares I did not want to sell because I needed money for something else and because of this I suspect there might be as Caketin suggested a few people take the rise from 0.23 to 0.30 in the last few weeks to get some cash out .
I agree the stock is going higher but always think patience after a bit of a move up is wise as there is always someone out there thinking of selling as prices recover back to peoples entry .
My opinion is we will trade between 29 and 32 for a few weeks before going higher
Of course if there is a good acquisition , a large sales order or other positives announced that will change and we may re test 0.37c quicker than I currently anticipate we will.
My target is $1 in 15/16 if we can get close to Mr Tanners previously stated ambition of seeing PGC with $50 million revenue on a 15% margin
PGC Price at posting:
31.0¢ Sentiment: Buy Disclosure: Held
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