The price action and lack of liquidity in the offers is due to...

The price action and lack of liquidity in the offers is due to Soul Patts slowing down their selling as they have wound back their positions massively.

I also note the volatile price action so far has been on very small liquidity ie a couple of thousand shares to 48 cents and a couple of thousand shares back to 41.5 so i wouldnt read too much into this. The only benefit here is that this would have raised attention of other traders for MSV (i guess more attention = more interest which is good).

That being said, the lack of investment across the mining services in their plant/ equipment, and industry consolidation coupled with big miners needing to get more out of their existing mines to make the most of high prices (bhp calling out a 8x multiple to dig coal out vs iron ore) means their is tight supply and better go forward pricing tension for these service providers - particularly the drillers such as MSV.

I look forward to a solid qtr result with minimal noise - apart from solid EBITDA and EBT.