I was watching course of sales on friday and noticed that a small seller of 339 shares sold into the buyers at 60 cents several times - it appears that someone was selling a few shares they owned to allow short selling at 60 cents.
The big dump at 4 pm didnt appear to be a short but a big seller desperate to unload before the weekend. The market depth looks terrible, which in my opinion is not an absolute precursor to more downside but is not encouraging.
As for the buyback, I think it is/was to a large degree nothing other then a publicity stunt to try and support the stock. If it wasn't they would have been supporting the stock by now or provided a reasonable explanation as to why the stock has gone canine. I spoke to thier investor relations rep a few weeks ago and he was very upbeat on the buyback and said that they were buying because the stock was cheap. That was at 65 cents, the stock is now 60 and OSH is showing no interest in buying back. So much for supporting the stock and buying back 10%. I guess that a positive thing about the share price falling is that a takeover becomes more attractive. With the pipeline essentially a no go, a takeover and development of LNG facilities in PNG seems the only way out. The only other wild card is the chance of another oil discovery?
Im ready to dump this baby come monday and pump my cash into AWE and or ARQ, both of whom are being touted as a strong buy in many quarters, shares etc. AUO looks like another reasonable play with commissioning of new underground mine proceeding as per schedule and project finance. looks rock solid at 50 cents but you may have to sit on it for awhile.
OSH Price at posting:
0.0¢ Sentiment: Sell Disclosure: Held
