If I had to guess, I'd say it would have to be related to the size of their position.
I think I recall something Steve said or wrote that indicated a bit of discomfort with the overall size of the position.
He did a a bit of buying since June when the share price really started to weaken. Although I haven't added up all the numbers, it looks like he purchased some 15m since then or so with a huge chunk of them south of 3 cents.
The disposal was at about 5.5 cents so those bought at 3 cents were up some 80% is six months. Not too bad.
If the numbers I see are still current and based on what I think he said for the amount of funds under management, PGA would still be about 7% of FUM, that is still a pretty sizeable bet that PGA is still underpriced.
PGA Price at posting:
90.0¢ Sentiment: None Disclosure: Not Held
