You and donga keep saying nothing has changed, but something...

You and donga keep saying nothing has changed, but something definitely has changed. Another 2 months has passed. The global recession has worsened. It's less likely that commodities will boom this year. Even China's growth continues to decline. Much less talk of V shaped recovery.

In Feb the board announced things were bad but they hoped for improvement. Two months pass, and they're saying the same thing again. Maybe they'll be correct this time, but they've lost another 2 months of the hoped for good times this year.

It's also a huge stretch to say that market had priced in the announcement already. The market priced the stock at upwards of 17c before the announcement, and 11.5-12c only a few days later. It's obvious to me that the market was focussing on the hope part of the presentation on 26 Feb. It was hoped that drill rig utilisation would improve, as well as sales. That it didn't happen was a splash of cold water in the face. The big sellers have been commented on already, so you can't say it's just day traders or amateurs. Big fish are reducing their weighting.

It seems to have a good management team. I like the quote "hope isn't a plan" from the CEO (I think). He seems to have everything under control, so I still see long term value. I just disagree that nothing has changed. I think a lot has changed in the last 2 months.

Z