95% of issue dumped over last 100 days

.. and during a constant downtrend!

Everyone who bought those shares has lost money. And the surprising lack of 'change in substantial shareholding' notices which stinks of malfeasance by some fund(s).

So it looks like it is game over for Valad, even if none of us can see why. I know I cannot. If the HBOS merger is prevented and it collapses, what will happen to Valad? - Instant administration until the assets can be sold, or debt refinanced? In this case, are shareholders likely to recoup any capital? I know the banks have a way of 'auctioning' the assets to themselves in single-party auctions at knock-down prices, so I guess the risk is that the substantial asset values over debt will be gauged by the banks?

I am hoping for a Babcock like spurt at some point, but I am now unlikely to hold this long term as the register must be fully rotten by now.

Very sad what is happening to many Australian companies.