Sentiment is going to be bad for a fair while. Management's years of lying and incompetence as well as consistent bad results meant most people were going to run away with very good reason. Most of the remaining people were either desperately hoping the tuna would be a success with wild imaginations of it being wonderfully profitable, or people simply unwilling to lock in a massive paper loss.
Now the tuna dream is gone, and the name 'Clean Seas Tuna' is just a bitter reminder of defeat for a company which is no longer even trying to work on the tuna project.
If you were holding on because you couldn't bring yourself to lock in a big loss, you'll be even less willing to move now.
On the plus side, that means it's fairly tightly held, so massive drops are probably unlikely, especially given that there's not much more possible bad news! The tuna thing is over and we've already been through devastation with the kingfish, so not much more can go wrong. On the negative, countless holders are desperate to sell - as soon as there's any increase in share price there will be a flood of people desperate to put the whole thing behind them, so there's not much scope for positive movement either.
In the longer term, if they can make a viable business out of farming kingfish the company may be worth something. If not, bye bye CSS and you can kiss whatever is left goodbye.
Before the end of June there will probably be a lot of people selling to lock in tax loss.
CSS has been disaster after disaster, so it's fair to say that what comes next will most likely be disaster, but good luck to them if they want to change the pattern.
CSS Price at posting:
1.6¢ Sentiment: Sell Disclosure: Not Held
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