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I think you are right, but due to the tight share register it will certainly move at some point.. they need to get those ops. in the money or the cash balance is going to look sick mid to late next year. A descent up take will give them breathing space into 2010 when hopefully all things will look better.
Very cheap at the moment, but the lack of forward movement after some big moves earlier in the year has put a lid well and truely on the SP for now.
Like most stocks the money is made when the game and knowledgeable buy when all looks bleak