Hi allThe main reason i see for the sell down is the lack of...

Hi all
The main reason i see for the sell down is the lack of credibility created by management doing a share placement to sophisticated investors, of which 18million shares are in escrow till 22/12/09.Reading between the lines this to me means the directors issued these shares to themselves,and as they have 3 days to report changes in directors shareholdings to the asx, i will know by friday/monday if this is the case.
Philharmonic picked it straight away.
Weeks ago i did some quick reseach,and the main reason which put me off investing was that Phil Kelso only bought 607567 shares when he became a director on 5/3/08 which given the 4c share price at the time is a cost of $24300 ,and then borrowed $168572 from the company and paid himself a salary of $223796 for the 4 months to 30/06/08.
Its for these reasons, brokers probably wont recomend the stock to their clients, and thus when the hype dies down and the traders cant see another pump and dump working, that it will slowly tick back down
However its a good story and when it gets closer to spud date i can see another massive flurry of trading on the cards.
Only my thoughts and good luck to all
Cheers
Glenn