Hello Holders.
I was not expecting JW to quit. I met the man at the Nov 09 AGM as I was the guy in the front row firing all the questions at JW for those who were there. JW had a dream of a super pit and he did seem genuine. Its sad he has lost that dream for now.
I made the call yesterday Interesting Exit why? Let me explain.
I use a trading package that gives me instant market data INCLUDING a sales status i.e. Crossed Sale. So Monday; 5.2 Million Shares majority crossed; Tuesday 4.9 Million Shares - most of the large orders crossed (100,000 200,000) except I think 1 or 2 sales. It really was not hard to guess that somebody was exiting BUT it was being controlled.
In my opinion, to guess about all the volume (for concerned holders), I think we will see a Final Directors Interest note by the end of the week and an Initial Directors Interest note as well. I think a poster commented JW had 20 Million shares so we may see more volume OR maybe JW might hold OR maybe I have no idea and this is a dumb guess?
The good news IMO: Is that there were not 10 millions shares wanted. Where did they go? They were sucked up in a reasonable manner. The price dropped as some holders (non crossed trades) sold into the buys at 0.5 cent lower bummer. So the 8 Million or so crossed trades went to a broker OR new entity? According to some the shares must have been bought by a psychotic share trader with an extreme risk appetite trying to get a spot on the Biggest Looser!
For me I cannot see the value held in ground and plant which is relatively debt free just vanish. Well I have to be optimistic as I am still a holder and will probably buy some more to lower the average! Oh I hope that does not hurt too much.
I hope the explanation of the volumes (and status) helps.
DISCLAIMER: Hey I not a stock guru just an IT Analyst so DYOR.
Good Luck Holders
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