It is interesting to see that some of the directors, the MD included, saw fit to risk themselves financially in order to own a large number of shares, indeed they must like the prospects of the company. Gluttony, if you like, which is a far better show of confidence than seeing directors quietly selling.
To me it looks as if these directors have been unexpectedly caught by a general market maliaise, and from the look of the CQT chart, it would seem that margin calls were probably coming on stream about ten days ago, thus feeding the downturn.
No doubt some of the entrepreneurial buzzards in WA will now be gathering in the hope of getting their hands on some cheap shares being offloaded by ANZ, also joining the slow of wit punters who don't quite grasp the situation, so I might even join a buying spree if some of these wild pricing prophesies come true. After all, quite a few broking houses have already gone to the trouble of putting a fair value on the company as it stands, which indicates fair value at the moment should be around the 65c mark, with plenty of blue sky ahead.
The word of the day is- "sell" - Spread the word.
CQT Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
