PLS - April chart update., page-501

If you look at the SYR experience then sometimes determined short selling can destroy regardless of FA. It managed to raised the capital to fund their project and look at the shorted volume, kept rising and each time the covered, the price recovered then more shorting.

Now look at PLS and you see the there was a lull and price was 'allowed' to rise early April before the short volume increased. There is a lagged in the short volume report but as a guess, I would suspect the short selling has stopped for now. There must be a reason shorters think they can benefit from a fall in the SP and I have stopped speculating and I see the evidence. Both companies has a value shrinkage withing the same % roughly speaking. GXY a slightly lower hair cut and the short volume is not demonstrating SP is under such intense attack.

Chart wise, GXY has the best 'looking' one out of the 3 related and I wonder if the revenue generating margins is making it a bit more defensive from intense shorting attack.

Fundamentally you can see why there is reason for the PLS short attack. Promises broken and now we find the Warden's application is meeting objection from related parties. I am not familiar with this application process. Yesterday I posted the order of objective, ML -> BOA -> Finance in that order. I am not sure which consumer will sign a BOA without a ML and lock themselves into a risky situation where unforeseen circumstances can make the ML approval a problem in the future afterall it is a legally binding contract.

With a ML to mine and construction, BOA can have funding from prepayment with discount of course to offset the funding shortfall circa $200Mil or even another mix of Cap raising or whatever solution management deems the cheapest option/s. I am just thinking logically since I have never been involved in this kind of process looking in from a retail 'eye' from the outside. So I think a lot of ducks need to line up.

Again, the MIN brawl just when it was a seamless exercise of due processes to mine construction delayed as management had to iron out the expensive $ and time of a legal stouch. MIN got what they wanted and they took first shipment of their Spod (?) so maybe it isn't in their interest to have another producer with an even larger resource mauling the supply side of things? ie Make it difficult for PLS to start the BOA/ML/Finance etc....

All these are speculation and I might be chasing shadows but as the delays continue you can see why the market will equate delays with some issues that management cannot report without actual facts. The last thing Ken will do is offer a personal opinion perceived to be a factual event and shoot it to ASX announcement each time he sees technicals breaking. I suspect last week as 40C broke they had to so something and release that result but I thought it was a day too late as the serious money came stomping at the price.

The volume today as really tapered off so I am not into volume analysis to understand what it all means. Good luck.