In the annual report the 20th largest shareholder had 500k...

In the annual report the 20th largest shareholder had 500k shares. The largest, other than company execs around 2 million.

I assume the 40th shareholder will have around 250-300k.

So the top 40 other than execs will total around 25-28 million shares max.

This three day decline is on a total of 1 million shares - nothing - 1%. The larger holders can't sell to buy back more than 200k over this sort of three day period. So I don't see it being them.

The maximum sell bar on my hourly charts look like 157k shares ... all the other sales are rats and mice.

This is just traders getting restless, maybe even T+3 traders loosing money.

All good stuff - has to happen - shares probably going to stronger longs.

(I've never enjoyed the luxury of owning a few shares in such an illiquid stock so I'm guessing and learning all the time.)

On the hourly chart we're oversold now - let's put the close down to it being Friday afternoon!