Our Chinese friends just killed off any momentum the SP has been gaining lately. Knowing that they will sell whenever the SP goes to mid 20s, why would any new investors buy at those prices knowing that more likely than they will have a paper loss very soon.
What is frustrating is that this is self-inflicted from within the Company and has nothing to do with the macro environment. Until the Chinese shares find a new home, either through a cross trade (hopefully PB is looking into this ASAP) with cornerstone investor or letting them sell the Company to the ground, we will not progress anywhere.
Can’t emphasis enough that PB needs to find the cornerstone investor ASAP to absorb all those shares.
Fundamentally the project is still a beast and we have a dedicated Captain steering the ship but the governance is just terrible.
Ann: Notification received from substantial shareholder, page-71
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