I picked a great time to try and pick the bottom when in the last two days 8.2 million shares or almost 13% of the shares on issue have changed hands. It has to be the largest shareholder JP Morgan Nominees that is selling out as no other shareholder owns that many shares.
It is good to see the directors putting their hands up and taking a portion - Fraser and McMorrow have both posted change of holdings. There are a lot of the shares unaccounted for at this point and presumably there are other shareholder postings to come.
If nothing else, this seems to explain why the shares have been under such great pressure over the last few months. I know that mining service companies are not overly popular right now but in my view this stock did not deserve to be punished as much as it has been. Let's hope this is the turning point.
GPASAS
STS Price at posting:
47.5¢ Sentiment: Buy Disclosure: Held
