I think a lot of Shareholders at the moment myself included are still holding the hope that the quality of the Board / Management / Product strategy is such that ESH will eventually "crack" the market and for many of us it is not worth taking a loss while there is still that prospect.
From my perspective a lot will depend on where they are at when they next update shareholders - they can't afford not to demonstrate some decent progress to shareholders
10c Party, page-1355
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