reading between the lines, page-13

student, it seems you are quite a fan of this stock - MAK should employ you for marketing!
The volume on the sell side is larger than a week ago when we saw the rally to 17c. We'll now need to break that 17c support level to see the sell side drop.
yes i do think the stock is very undervalued. my modelling suggested it was valued at $1.80 with DSO 2 years ago. The phosphate price is much the same today, and with a lower opex with IHP, MAK's valuation would be much higher. will not know exact valuation until BFS is complete next year however.
The Fed seem to rather print and become Japan than to see stock markets crash, which i thought was interesting. I dont see US employment numbers lowering any time soon, in fact the opposite, along with other more negative data; gdp, house prices etc. US could go into a shallow recession next year, even with QE at full throttle. This is not good news for long term equity markets, but good for next year or so until a significant trigger collapses the fed induced equity bubble.
So i believe there is no short term market risk on a macro level. however, IHP delays are currently being experienced as one would assume at least some engineering issues to pop up for JDC. this may mean we will be waiting another few weeks for acid production. i do not believe the engineering problems that will face JDC will be significant, and will be overcome.
The on market buy back seems to have stopped in the last few days, therefore the suspected 'floor' of MAK's share price of 15c was not supported; which is disappointing.
I therefore believe you should proceed with caution in the next few weeks until an announcement. But hopefully these engineering issues will be quickly resolved before markets have a correction in mid October with debt ceiling crap in the media.
Although i did buy 480,000 this morning!
Alas, a good long term investment.