a) their best contacts that they put in are amoung the top 20, and we know they didn't sell
b) the bulk of the big buying was between around 2.5c and 3.5c. For those buyers selling again at around 4c is hardly a "pump and dump" is it?
The great majority of those new investors at the 2.5-3.5c mark are still in. Everyone thought that Cane Bore and/or Goldworthy woud come in, unfortunately they didnt, which is why we are here now. The directors relly pushed the boat out on this one, reputations are seriously on the line and the directors know they need to make this good.
It is good that loose holders are clering out at these levels. Those investors the directors put in at 2.5 to 3.5c don't really care whether the stock right now is 0.9c or 0.4c, what they care about is where the stock will be six months from now, and what the game plan will be to build the business going forward from there . They bought on the vision and the ability of these guys to deliver. They want to know if Ruston and Jewson etc can build this into a 5c, 10c, 20c stock over time based on cash flow and solid business development. That is the play.
The director group are now almost back to their average entry cost (about 0.5c). Tolga was buying at up to 0.8c earlier this year. For sure players will be looking to start accumulating again at around these levels. I am thinking of doing the same. You will see volume at these levels starting to pick up soon.
M4M Price at posting:
0.7¢ Sentiment: Buy Disclosure: Held
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