I agree with your sentiment that you see CTP as a defensive...

I agree with your sentiment that you see CTP as a defensive stock in the current market. In tuesdays AFR I noted RemaPak are in receivership stating their gas costs have gone from $4 to $16 per gigajoule. As Justin says, we are not immune from international economic events. Brexit is unsettling Europe, Trump/China tariffs are unsettling everybody and Chinese debt to GDP of 260% means they are headed for an 1980's style Japanese bubble burst. Locally as our property market bubble looks like finally correcting (25% I expect) this sucks vast sums of money out of the ASX. People who are faced with -ve home equity will sell down shares to cover their -ve equity. In consideration of these I am only holding CTP as I agree with your defensive view, otherwise I would reduce my holding to zero. I also follow a number of other ASX small caps and the one universal comment on HC is they all lament that their share price is not reflective of their true value. Given all of the above I dont see "pump priming" by management will achieve much or anything. I see this pump priming from certain penny dreadfulls and it is always associated with attempts at capital raising. This is what makes me wary of such. On the positive side (I do have one) management will soon have the cash flow to explore for more reserves and thus grow the company and SP. I see three factors holding back the share price that are directly related to CTP (as opposed to more general concerns outlined above).Debt, the ICP contract is only for 2 years, and I am not certain how much reserves we have to sustain this level of sales even if we had a contract. If anyone can do the maths on that I might be mollified.