One thing is for sure. There's an announcement on Paloma due soon. It's either going to be good or bad.
100m shares were issued to insto's and soph's at $.30 & by all accounts they were oversubscribed. They don't put their money down so easily unless they are in the know. You can't tell me that NEN don't know by now whether Paloma is a goer or not. That means that at some point those in the know expect the SP to be over $.30.
Added to that there's been heaps of abnormal SP activity since the SPP announcement. Their either accumulating or getting out.
With the way the bottom has dropped out of the buy side I'd say an announcement is imminent and personally I think it will be a good one.
I took a small position this morning.
NEN Price at posting:
25.5¢ Sentiment: LT Buy Disclosure: Held
