For those dismissing the tax loss theory please rethink that position.
A lot of people bought in at the $1-$2 would be looking at their investment and considering the best way to get some sort of return out of it in the near future.
There is no way that they can recoup their losses without topping up or utilizing the tax benefit of a capital loss.
When you're considering losses of 90% or 95% of your initial investment people won't really give two hoots so they're selling for what ever they can get. The lack of buyers is resulting in this downward trend.
As others have alluded to as well the business owners who received shares will also be selling out too as they too would be able to utilize this as a capital loss. This would offset the gains they would be taxed on when they received the deferred settlement for their businesses.
PGA Price at posting:
64.8¢ Sentiment: None Disclosure: Not Held
