Waiting ...

Whilst overall sentiment seems to have improved since the most recent quarterly, I see that the end game is still being played out.

Patersons took up ~100m shares on 13 April 2012, of which ~73m at 1.5c each, according to page 10 of AdEffective annual report 2012. More recently, Patersons took up the CR shortfall of ~45m shares at 3.0c a piece on 3 April 2014.

Damian London has ~13m shares over the years. Paul Warren has a few many shares from Warcom earn-out.

Chris Retzos, Domenic Carosa and Mark Goulopoulos each has a large slab of shares bought some time ago.

Is the recent movement to do with someone doing a little more shorting to average down further since last year, or to get a few more stops from smaller players? Or is this to try squeeze out the oppies holders as they get closer to expiry? Who knows what's really going on ...

Or is this someone having had enough, therefore cashing out and moving on? Who knows what's really going on ...

Or is this to do with other players busting to cut their losses from take-up of the 2.3c and 3c CR last year? Who knows what's really going on ...

SHP seems to be loving the 2% interest they're earning from sitting on the cash reserve, when the last major acquisition was over 12 months ago. Who knows what's really going on ...

All we could figure out is that at 1.5c and little volume no one is making any money ...

Perhaps calm before the storm ... let's see who comes out of this on top in the end.