One large shareholder (L1) has sold out at a loss and this started the slide from $1 post AGM, triggering the removal from the S&P 200, which then triggered some sell offs by some Index fund portions of large investor portfolios.
The major shareholders are long term investors and know the company is tracking within guidance, well within covenants and working under the new Board to produce cash.
The share trades are mainly "noise" - shorts, computer trades and crosses, with a few 500,000+ private shareholders doubling up at opportunistic prices, including me.
I know them and have been talking to some of them. Repeat - most big guys are holding firm as longer term investors, but not increasing. Litespeed is full-up but wish they could buy more.
The CHAMP/SK block comes off at 5 January so there may be some up-price action soon.
get in quick.
Ann: Ceasing to be a substantial holder, page-4
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