I think that most of the big BMM holders (that is those in the top twenty) have just about sold out. The latest top 20 (as at February 2009 - on NGF website) shows that both former BMM Directors who previosly held 4 million shares each have either sold or significantly reduced their holdings since October 2008.
RAB (HSBC Custody Nominees) look like they've "flogged off" a few million during the period 7/10/2008 and February 2009, but as of February they still had 24 million. I take your point that we're unlikely to reach 20cents until RAB depart the scene or sells their holding in bulk to another institution.
One encouraging thing about the latest top twenty is that all of the original NGF holders seem to have remained "rock solid" on the register. Surely this suggests that the company's prospects remain strong going forward, particularly if production increases in the March quarter, the Aussie gold price remains strong and NGF hears something positive about voiding the hedge.
Good luck to all NGF holders.
Goggo
DYOR
NGF Price at posting:
13.5¢ Sentiment: LT Buy Disclosure: Held
