Combination of of all of the above.
I reckon the other deal party has realised their profits and exited thus reducing the price (dont have any evidence for this, just opinion). Directors track record OK but not stellar. And I think it has just gone a bit stale and interest has waned. Quite common at this end of ASX. Shell investors can be easily bored over many months, especially if SP trend is down.
However, it is super cheap and entry at this level is well below directors last investment and previous CR participants. Makes it pretty safe you'd think barring any future consolidations etc.
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