Problem with your theory MM is the price didn't move so there was no sell down. This was a top 20 holder/s liquidating stock to move on to another venture IMO. Happy to be corrected when Bungy posts a Top 20 comparison in a weeks time but doubt it. There is more than one Top 20 holder that will be needing cash short term - just ask move and CF. They are happily talking up a cap raising of massive proportions over at YRR and with previous links between the two companies I don't think it would be illogical to presume this is where the proceeds are going... Whoever the big sellers were they would be selling at a loss at these prices so needed a good news announcement in order to move so much stock without taking a bigger hit. Someone also filled their boots - what remains to be seen is how many daytraders got caught holding and whether they will seek to close out their positions tomorrow... Will be watching to top up sub 1 cent if the levy breaks...
PDY Price at posting:
1.0¢ Sentiment: Buy Disclosure: Held
