lol...been watching, but nothing happend...until today.
The run on the stock today appeared for left-field, with off-market buyers taking out 16.5, then 17, then 18 in spite of no buyers in the depth...before some largish bids eventually entered at 17c...in fact some 400K, which pretty much equates to the highest previously traded daily volume for this one.
The appearance of this buyer/s promted a few little "chasers" into the stock to create the spike to 21, which I think we can safely ignore as an aberration, viewing the 18-19c level as the genuine high.
Interestingly, these larger buyers removed their bids in the period significantly after the market had closed for the day, suggesting they are brokers with direct seats access rather than your typical on-line buyers.
This promted me to a re-visit a report in December which rated these a speculative buy to 58c...due to growth potential, forward income projections and likely winnning of near term contracts particularly in the United Arab Emirates(UAE)
Since then, the stock has pretty much drifted sideways.
I wonder if today's little spike, accompanied by the second highest volume day this year and hot on the heels of directors buys (modest), is a clue that one of these previously touted contracts has finally come home to roost?
I am not holding any at the moment, but my lovely lady has a small holding courtesy of buys back in Jan and Feb.
Worth a watch, but given the illiquid state of the depth, its not really one for trading...although some decent news may change this?
Cheers!
JVG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
