panic or manipulation, page-2

5m is an extraordinary sell. They are very open about their position. If there are no takers, the question becomes how patient is the seller and how low are they prepared to go.

On EHR we had a large seller that kept dumping stock at lower and lower prices, never showing their full position. It was horrible; holders are left wondering how much stock is left to be dumped. The buyers retreat anticipating further falls and sellers are undercut. Quite destabilising. At least this person is up-front.

The big seller reminds me of similar circumstance that is more positive, an on-market takeover. The buyer sets the ceiling price and buys anything that comes along. This is generally accompanied with an announcement and is typically hostile. Personally I think PAX can be picked up a lot cheaper.

I got out of PAX when Molten last failed to deliver. I am astounded it has held its price. I liked PAX’s tenements; liked Punga and Mongolia, very prospective. But year after year there was no progress. PAX has a grim future without immediate funding.