NYSE traded volumes over the last 90 days exceed ASX by a factor of 2.
On the earnings calls, only US and UK analysts participate.
Top 10 shareholders are all US based ~ 50%.
The PIPE has soaked up current institutional demand. Anyone who is still interested but needs to see more flow data has to wait. If the casing repair hasn’t succeeded so far, that’s another reason to wait. But it didn’t stop the capital raise.
Equally, if a specialist investor wants to build a position, it’s going to cause/require the share price to move to shake out loose holders.
No passive index flows.
XLE, US Energy Sector, is down ~13% 1Y and 6M. Still down 10% since “Liberation Day”, 2 April.
Zig zag chop till IP30 in a few weeks.
TBN Price at posting:
16.0¢ Sentiment: Buy Disclosure: Held
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