Ann: Contract Drilling Business Update , page-16

there is potentially a number of longer holders that got in prior to spike Aug last year. these holders would be expected to have a cost base <5c (and potentially sub 2c) so selling now is still a gain....or it could be retails (so not those in the CR) that are derisking in face of slow news flow and dropping price.

i recently took another look at half yearly financials and march quarterly to work out a PE type value (sanity check to review hold decision). broad brush terms then on assumption that half yearly figures are matched in second half then thats ~$4m profit. on PE of 7 that's a market cap of 28m. on 500m shares thats a 5.6c share price.

off course the trend is down and market sentiment is poor due to europe right now - so a trade based on fundamentals is probably too risky for most! for medium to LT value seems ok. provided CGM maintain revenue levels and you can afford to hold til exploration/ gold production news flows. & not everyone can....glta