I think you could argue that production is not the only problem....

I think you could argue that production is not the only problem. What happened to increasing the reserve at the end of 2008-09 (nothing)...

The market is fed up (for well documented reasons) and not in the mood...

I also think the market may want to see changes in management (regardless of the causes of the disappointments) - of course given the shareholding structure this may be difficult.

I don't like the look of this at all.

(Reminds me all too well of GTM - one i rode all the way into administration when their model was "flawed" as well... I thought dollar cost averaging was the way to go that time - learned an important lesson about "picking" bottoms- "Confucius say man who pick bottom...")