We know that Odey is prepared to pay 52 cents. Being rational...

We know that Odey is prepared to pay 52 cents. Being rational people, they want to accumulate at the lowest possible price. Hence the buying at 50 cents. If people are prepared to sell at this price, why pay more? Most of the people who are prepared to sell at 50 cents, will have already sold. I suspect that Odey will buy any shares available at this price and then will gradually increase the price. There is zero chance that ESS will be sold for 50 cents. Where we get to, remains to be seen, but I will be surprised at anything below $1 a share.