No, I am not saying that the shares will be in a downtrend until...

No, I am not saying that the shares will be in a downtrend until 2012, but maybe that this is contributing to the current share price trajectory.

The people who own these shares were former owners of the businesses which Photon bought. They had sold the businesses with the promise that they would be paid extra earnout payments in cash if the business performed well. Then, last year, when the business nearly failed, they all agreed to take some of their earnouts in shares (at 10 cents each) rather than cash. They had no choice, because the alternative was that PGA would go bankrupt and they would get nothing.

My point is that, unlike most shareholders, they did not buy the shares. They probably dont want to own the shares (since if they did, they would not have sold their business in the first place) and now that they see the share price falling, I would expect that some of them are trying to get out.

I guess what I am saying is that I suspect they are more nervous than the average large shareholder and, in times of stress, are probably more likely to make reactive decisions to sell.

Who knows when it will turn around, but as of the last update at end of April, the businesses are still earning enough money to make their future earnout payments and maintain their current level of gearings. I can't see any reason to quit at this price.