Chris, we are in a gradual decline that, imho has mostly played itself out. Many of the larger holders took positions at IPO or shortly after, those holders are mostly a constant in the register. The really big holders are mostly a constant in the T20, those holding over 100 000 shares are IMO also pretty dogged, that's 73% of the shareholding.
I and many I have chatted to never thought the price would get to where it is today, thus never sold. Hindsight is wonderful. If you owned a very substantial holding, believed it couldn't go much lower, thought and believed a finance decision was imminent (Long ago) and finally recognized the tight holding of ARL shares, you may not have sold out to buy back later as well. (How long have you had your position)
The challenge with ARL as opposed other stocks is the small registry, Its restrictive in some aspects and a massive benefit in others. Some of the un-considered or overlooked benefits to ARDEA ownership are as follows. - Very high real $ ownership by BOD. - Real care about keeping financial discipline in the BOD. - An unwillingness to dilute the shareholders, because they effectively dilute themselves BOD. - An ambition to really make the best smartest decision for all involved (No rush, no dumb decisions, Look at AUZ)
The disadvantages to this are - Inability to dispose a large holding without too much price impact. - Without the benefit of hindsight, an inability to buy a large holding quickly once the substantial retracement was complete. - Yet to be proved, a complete inability to buy a substantial holding at a low price once the financed announcement comes. If there was a more bullish sentiment in battery materials at the moment, we would not be discussing this. Ardea would be progressed.
I suppose in reality, ARDEA is a conviction investment, for those more patient, not to be traded easily. We have to accept our decisions and the resultant consequences.
What do you do now is the question. I choose to hold and accumulate. RED
ARL Price at posting:
37.5¢ Sentiment: Buy Disclosure: Held
(20min delay)