Ann: Market Update , page-6

Dhukka

I think a Nellie would be dopey not to have shown some nervousness.

PHK dropped 36% in August alone, with above normal turnover. The company would not have made this early announcement if it did not think there was reasonable, if unfounded, cause for nervousness by shareholders.

The selling may have nothing to do with the prospect of a capital raising (though I am not saying that one is not coming).

Stocks with small turnover are vulnerable to forced sales, due to death of a shareholder or potential bankruptcy of a shareholder. There is no fat in the depth of buyers for a company with such small turnover as PHK.

That's my guess about what happened.