It means we're about half a million oppies away from having them...

It means we're about half a million oppies away from having them drop in value by another 50%, and there are still no buyers in sight. We're all talking about how the market will discover IHL and rerate accordingly but the elephant in the room is that buyers are leaving IHL. Retail or not, I personally believe we're at more risk of dropping back into the previous downtrend trading channel than re-rating further upward in this environment.

I'll ask again what I asked in one of my earlier posts: "where is the support?" Management has all this skin in the game but nobody's trying to put a floor on the SP drift? Nobody's attempting to create the illusion of options being desirable? We're all just sitting here waiting for more news thinking "THIS time it will take off!" but it's not, and each time it doesn't happen more bagholders are created, making it even harder to reverse the trend.

Long term IHL has great prospects and I've always maintained that, but there are over 200m options that could potentially expire worthless if something doesn't change in the next month. We're talking about Cannvalate fully underwriting them but the truth is there is absolutely no appetite for options at the moment, despite still trading at a discount to the heads.