Was expecting something around 12c for GXY on reinstatement. Disillusioned holders and traders that got stuck holding these before trading halt are dumping.
A good time to sit back and wait for the dust to settle.
I noticed the BUY depth increase by over 1 mill during the early minutes and suspect GXY are calling brokers and key investors to say BUY at this price.
GXY have forced the banks back over loans but they will still be sweating on getting production ramped up.
Another Company that has bitten off more than it can chew. Had a nice setup with plant in China to get them established as a 'preferred' supplier. So what do they do?.....they go and buy Lithium One from the U.K and try to develop Sal Vida at the same time.
Greed is good.....sometimes. But not with the limited funds GXY had. The SP says it all.
Not selling at these prices and will keep my fingers crossed that they start producing a decent income very soon to keep financials under control.
Holding - with no great expectations.
Was expecting something around 12c for GXY on reinstatement....
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