The story they are peddling is that the person who got them...

The story they are peddling is that the person who got them involved is no longer with them and they don't have anyone following HGO.
Who knows???? .
I think its probably a case of the new boys have their own ideas which they of course think are better. There are a multitude of opportunities out there that an optimist could see much better odds than  the 2x in 12 months that their research is indicating HGO is worth.

One of course has to spend a long time digesting and understanding a stock before making a big investment and new boys don't get much credit for doing the hard yards to prove someone else was right.

The other question is why aren't ARA buying the stake. They got Supervised involved as sub under writer to the rights issue. They of course might not think the 2x possibility is good enough to spend some of their spare cash on. A 2% increase is within the creep provisions so no problem there.

With Lomas as a director with full knowledge of the PHES negotiations and who knows what else in relation to Future JV,s or mergers after the cash is stripped out my guess is the insider trading cloud is hanging too heavily to take the risk of increasing their stake.

All directors,senior management and their associates would also, one would have to think, be in a trading black out period.