Ann: Trading Update October 2020, page-19

I can't get my head around the volume in this thing today. Wentronic and related parties(thundering heard pty) hold at least 140mm shares..
the top 20 shareholders own 201mm ( ... all from June year end)..so the trading float is likely less than 40mm ( of 232mm issued)
and we have traded 92mm shares on a stock that struggled to trade a 200k per day....
I can't remember seeing a small cap trade more than double the float and 40% of all shares outstanding on an earnings update.
I am assuming that the top 20 shareholders aren't selling.. but who knows..

i've owned this for years.. and participated in the rights issue and waded in post rights at 4 cents...
sold 1/2 around 10.5 but couldn't resist buying back and increasing below 8.5 c

but i am suspicious with such huge volume..

i have been guessing this thing could have an enterprise value of $20mm which would equate to around 13 cents a share (adjusting 10mm for cash and working capital so market cap of $30mm)... if they can get a run rate of 4mm ebitda.. and 3mm NPAT

Anyway would love to hear theories on the volume or valuation... and will checking the the substantial holder notices over the next few weeks to see if there has been a change in ownership..