My opinion on that is basically because of illiquidity.
If you were a large potential buyer of sen and you were approached by RL wanting to offload 28M shares at 12cents would you:
a/ buy all the shares at 12cents
b/ short sen for all you're worth
c/ let him sell into an illiquid market and pick them all up under 9cents knowing that plenty of stops will be hit on the way down
d/ b + c
preopen, page-29
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