Ann: Quarterly Activities Report-PZC.AX, page-5

just ignore it

you have to understand the psychology of it, long term holders who have lost money are often so scarred they are unwilling or unable to look forward to see what could happen and expect more of the same

With the coal price going through the roof if they can close the acquistion of those NEC assets and also sell their TCM assets this could easily be many multiples of the current price

I found this little snippet bullish for the TCM sale process
"with the improving coal price, the Company has been approached to sell its interest in the project for cash. The board is considering this alternative pathway in parallel with assessing progress by Universal."

They were after $30m SGD in Unviersal shares = $28m AUD so you'd think a cash offer would have to be around $15m-$20m to be taken

@Freehold @Waiting4Godot potential multibagger here