It's possible that 12.8m share options, exercisable at 60c and...

It's possible that 12.8m share options, exercisable at 60c and expiring 20.12.03, are acting as an overhang on HDR.

On the other hand, it's also possible that Deathplunge is right and insiders are selling out. As on 6.10.03 (the date of the Annual Report), there were 20-odd shareholders with 2-13m shares each and a combined holding of c. 90m shares (not including WPL's 10.3%). Perhaps these people know something that we don't.

It is also possible that after 3 months of stagnant HDR share price in a rising market, short term traders are looking for opportunities elsewhere (and there sure are).