Ann: Becoming a substantial holder from SB2, page-8

I think you're right. I tried the same experiment with LFS, a much bigger company although still rather illiquid, and exactly the same thing happened. It was impossible to place the lowest offer. After forcing the lowest offer down several cents I withdrew my sell order for 15,000 shares and lo and behold, the 2 bot orders that tracked me down reappeared at the higher level where they'd been before my sell order. It was almost like guard dogs telling me 'you're not allowed to sell before us.'

Re 'testing the waters', what I mean is that I wanted to see whether the liquidity was as bad as it appeared or whether buyers would appear out of the woodwork. I was happy enough to sell the shares if someone appeared, as it would have booked a nice profit and I am currently trying to derisk my portfolios while there are still plenty of profits to be had.