Where did you see this?
TBH, this price action is expected and we have been warning about it for some time now.
Management are exceptionally poor at communication and, by the looks of it, more shareholders are starting to bail alongside Perennial.
We wouldn't be surprised if Perennial issued another change in substantial shareholding announcement this week or early next week. This was a significant volume day (1.8 million traded) and the highest volume since late June. If Perennial doesn't announce another substantial shareholding announcement this week or early next week, then we know that more people are giving up and selling.
Management are caught asleep at the wheel and obviously don't care about the share price.
The last preso was in February this year and the last management letter was in March. We're now in Sept and nearly Oct. The FY20 Annual Report was published on the 30th of Sept last year. So it could be out in the next week or two. That said, don't expect to get much info from it, as annual reports are pretty useless for small caps and typically only talk about the past.
Management seriously need to promote this company to the market, instead of attending trade shows and drinking coffee.
We all know that the share price probably won't turn around until Perennial are out. They probably have close to 10 million left to sell, given today's volume. That said, AL3 has now broken a key support level and on balance volume has nose dived/crashed. Surprisingly there's lots of buyers popping up around these prices and soaking up the selling which is becoming increasingly vicious. This desperately needs news to turn around. On a positive note, if a deal comes or another piece of promising news (not just another award win or patent), this could really go higher considering sentiment is so low.
Unfortunately, don't hold your breath based on management's track record of promoting this company.
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