Well posted Nick....appreciate your well constructed comments.
Combination of sellers at present. There is certainly the element of underwriter pressure, in the red holders averaging down and fearful holders chasing the price down as it drops because they don't understand the market. We had a charge of the light brigade from new and possibly inexperienced buyers to be eligible for the rights issue at 1c on 3:5 basis and many of them chased the SP up to 3.9c on FOMO. Now the big boys are back and smashing them down on emotion with strong buying pressure as these same holders are seeing big waves of red due to current SP.
You will find a lot of the long termers here are still in and our substantial holders ALL still hold. Reason ? Our FA has not changed, the future is brighter than the present. I know what is ahead and I am LT. We all know what is ahead - the anns tell the story. I am not worried about the flucs between 1.2c to 3.9c and back to 1.6c over a three to four month period because the FA has not changed, only the CR at 1c impacted current affairs. Those same FOMO buyers pre ex date are now fearful of losing serious capital because it was all too good to be true. Many were posting here questioning why we were dropping (3c+ period) after they had secured so they could participate in the rights. I couldn't count how many times I warned here that there would be SP pain/ selling pressure around the close and after the CR, but that I expect our pending news flow to quickly bring us back to realistic MC value. That this was more a mid to long hold than a quick buck - although, there was some really easy short term trade opportunities in between
Presently we are oversold and an accumulation pattern has again appeared. Financially, we achieved the cashed up position we sought through the CR and are ready to progress. Just as sellers are pulling out, the big money is swallowing them up and will continue to manipulate to accumulate, alas what we have witnessed the last 2 days. They want in....they see the value.
Now, let's see our news flow and progress reports take care of the rest.
LPD Price at posting:
1.6¢ Sentiment: Buy Disclosure: Held
(20min delay)