The way I see it is that it is being either shorted or there is...

The way I see it is that it is being either shorted or there is another game afoot.
If it was being shorted then obviously there needs to be deep pockets. The risk is that there have been a lot sold lately (someone mentioned 40million share)
If that were due to a few shorters then they certainly run the risk of being caught short (pun intended) should someone such as CBA (whos ave buyin is 23cents) taking a stand and buying up strongly and creating a huge short squeeze.

Im not sure this sits well with me.

The other possibility is indeed a takeover buyer. This buyer is intending to spend hundreds of millions of dollars to take over elders so to invest several million dollars shorting the stock is probably a good strategy. It clears out the weak and makes management compliant or redundant.
It aslso may help them get the company cheaper which is a great way to raid a company.
Either way the longer term picture is that the company seems to be at the turnaround phase.
ASX should request a querie on the price.
I would appreciate comments.