JackbowGiven u no longer hold I'll assume that you were being...

Jackbow

Given u no longer hold I'll assume that you were being sarcastic, rather than displaying a complete lack of insight as to how the market works.

However, in contemplating what might have happened if EXS had actually placed stock to Fox Davies and their Institutional clients at 60c, I suspect that they would be holders whilst short-term traders would no doubt have piled in to sell the stock down, with little or no regard for the actual valuation or value proposition.

Takes all types I know, but at the risk of being profound, its traders (with a short-term view) who are driving the price of EXS, not "sophisticated" or Institutional clients, whose investment horizons are typically longer term.