I'm not sure I agree midlifecrisis.Firstly, a significant...

I'm not sure I agree midlifecrisis.

Firstly, a significant increase in selling has been seen every time we get some good buying in MEY. This has happened for the past 6 mths. What has been broadly acknowledged as sensational announcements have been met with good buying, and then equally determined selling. A few weeks ago, the onscreen buying and volume at close to the money price points was pretty low. In the last week, the buying has been much more consistent with 2-300k parcels down to 12c. My tip is the sellers have just been taking advantage of the liquidity in the stock. The buyers seem well aware that there remains big sellers in the market and that's why you're seeing volume staggered down the depth.

As we've seen over many months, whoever is selling couldn't care less about the fundamentals and the quality of announcements. Why would the upcoming announcement be any different in their minds? They want out and us buying in the lead up to the Scoping Study results has given them the opportunity.

Secondly, MEY has shown no signs of beaing a leaking boat in the past. I can't see why this would be any different. The resource upgrade caught everyone by surprise and I'm hoping the Scoping Study will too.

I also don't subscribe to a seller trying to trigger a stop loss to buy back in lower. This is not the kind of stock that you can play with like that, simply because it's pretty tightly held (66% with T20) and the volume is not there to be able to trade with certainty that you'll be able to get back in. If the average volume is 300k, you'd be crazy to sell 1m shares in one day with a view to buying back cheaper when a big announcement is due next week.

The other question I have relates to people's expectations. When you talk about the Scoping Study not being so positive, what is not so positive? The company has provided some preliminary figures on cost and CAPEX. My understanding is that they are conservative - which to me allows for some slippage. Those figures would be very very good and I would be extremely suprised if the final figures in the Scoping Study came out materially different to what has been publically indicated. I question whether people have a sound understanding of what is positive and not in respect of the upcoming announcement. Another point - what is not so positive for you and I might be amazingly positive for Areva - i.e. with such a low CAPEX I simply can't see how Marenica would not add significant value to Trekkopje!!