Top 50s are really hard to get; basically have to be a broker or substantial holder, or know someone who knows one. We know for sure from the recent company published list that the top 20 own a mammoth 76%, so it would be well north of 80%.
More smoke rings today. It started around a month ago when @mikevtss's mate lobbed a bid to buy close to 4 million shares at 2.5 cents.
It wasn't hit, but this suggested to me at the time no one was desperate to get out, which is a good sign. It did, however, mark the start of liquidity entering the picture for the first time in ages - driving the price up into the mid 4's where we found some resistance.
Then, only a week or so ago a new large buyer pops up wanting 2.5 million shares at 3.9 cents.
Around 800k was sold into the bid, and the mystery buyers disappears.
Today's buy depth looked weak at open, but we could observe an off screen buyer at work accumulating shares and driving the price back into the 4's on twice the average volume. The day's VWAP was 4.2, too, not 4; it was knocked back to 4 cents on bugger all sells late in the day.
In any stock it's not surprising to see accumulation before anticipated news flow, and the next quarter here is expected to be jam packed with news flow.
In my view, 5 cents is the breakout point where the action should go to a whole new level. I would be surprised with the stack of upcoming news flow during the next quarter if we don't make a fairly swift move 10 cents, instead of the ebbs and flows edging upwards that we are witnessing now.
GLTAH
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