Yeah, we seemed to have at least found some support around 5c pre-consolidation, but we are now finding new lows post-consolidation. I am extremely disappointed that management sought to consolidate without any kind of plan to attract new investors. As it stands, the business case that resulted in the share price being driven down to 5c has not changed. I'm hoping that we may see some positive announcements in the very near future because management would/should know that failure to do so will only result in the complete destruction of shareholder value as the share price returns to <10c.
Not a huge consolation, but the directors were actively buying on-market in recent months. It kind of gives me the impression that the consolidation may have been a very recent decision which could lead you to think they had not fully thought it through. I can't imagine people like Patrick Largier would have been buying like he was had he known this was on the cards. But then again, the opposite could be true. Maybe they do have a plan and he was confident enough to buy on-market regardless of the consolidation.
Time will tell.
QHL Price at posting:
5.2¢ Sentiment: Hold Disclosure: Held
