This announcement makes it clear who's responsible for recent...

This announcement makes it clear who's responsible for recent selling volume.

I'm struggling to comprehend IAA's investments strategy:
- share placement at $.003 in July 2017, for close to $300k worth of shares,
- sell $70k worth of shares for $0.002 in early August 2017. Taking a 33.33% loss 1.5 weeks after the placement.
- IAA then in late August 2017 offer to underwrite the rights issue @ $0.002
- In October 2017 IAA defaults on it's obligations as underwriter
- November 2017 Company places shortfall rights issue up to a sufficient level they are comfortable for working capital requirements. (I know this as I sought to participate and was politely informed no thanks). Company raised $765k.
- November 2017 - IAA representatives on the board effectively resigned by withdrawal of resolution to be put forward at the AGM.
- December 2017 IAA sell down shareholding to approx 45mil shares, taking a loss of 33.33% on the placement back in July 2017. Although with recent volume I suspect, the shareholding is now circa 25-30mil shares.

If/when IAA was to stop selling, buyers would be forced to start taking out the sellers at $0.003, this would be positive for further share price appreciation.

IMO it's one thing to step down from the board, which I suspect has something to do with defaulting on the underwritten rights issue. Perhaps then sell out due to frustration/disappointment of no longer being on the board is IAA's prerogative. However, to do so taking a loss when the share price is basically at rock bottom, seem ludicrous. IMO success is only demonstrated by ones asset position, not if they sit on the board of a listed entity. Whilst it's not unusual for directors to resign and then sell shareholdings, nor is it unusual to see the share price significantly higher in future after directors resign.

With $700-$800k in the bank, it won't take much for share price of this company to climb above $0.005c+ on the sniff of any positive news.

D: Hold

Cheers

Clever1