my observations

1. since announcement of SPP in early Dec 09, sp moves in the range of 4.7 to 5.0, volume is getting less month by month.
2. in last 4 months, daily traders almost getting less and less, as profit is hard to make, that automatically drives traders away (judging from the hits in hotcopper, it tells not many traders in there!)
3. in recent 2 months, shares in market mostly bought by Legends as announced; it is likely they'll keep on buying, until sp blow out at some stage.
4. according to Legends web site, they will spin out a new company; I guess NAD shares among the assets in the new company. if this is the case, the value of the new company will greatly depend on the share price performance of NAD; in turn, NAD has to be good shape, so that the new company can attract more investors to pull money in. in the short term, NAD sp will be supported and benefited until the new company is listed. it is estimated the time frame will last 3 to 6 months. during this period, sp will be affected by (a) the supply in SPP (b) news from the mine (c) constant buying from Legends (d) the structure of Legends new company.
5. in all, NAD is in its infant stage of a diamond producer. once "Merlin" diamond is known and recongnized, NAD will be re-rating overnight, as it is the only listed diamond producer in Australia. apart from blue sky stories, it is now a growth company. with 4 months consolidation around present level, it is only a matter of time sp will break through! let's have a little patience! let's join GJ's vision in this company.