Prorata, you will be happy to know I actually sold out a couple of hundred thousand shares or thereabouts at 15.5c before the drop to 12 and before the announcement. When it got close to the end of the month and there was no news, what option was there but to run like a rabbit and protect capital?
The announcement was lukewarm in my view, which really was a nice way of saying something is still in the pipeline but the way I read it, has been pushed back from the original time-frame.
Something may well eventuate, i'm not saying it won't, but there is no real detail in this ann. Until then, they have to keep burining cash and I just can't see how they can continue without raising more cash. Something i'm not ready for.
My own view is that for any low to no revenue company in this current climate, the market is in no mood for hope, but wants to see hard cash and cash preservation. Therefore I think the SP will probably drift back to 5-10c by September comes around. That is of course, assuming there is no news until then.
I have obviously changed my position at this current SP. It may be a buy if/when it gets under 10c
RGS Price at posting:
15.0¢ Sentiment: Sell Disclosure: Not Held
