In my opinion the recent drop in the share price has been the 'opportunists' who partook in the recent capital raise at 26c cashing in their 'free money'.
If this is the case why then did the price drop below the 26c?
In my opinion it was because this unexplained and unexpected sell off spooked the rest of us.
I for one thought that the company's usual 'announcement deficit syndrome' had finally triggered some sort of panic sell off. However after some deliberation I preferred this explanation (that the opportunists were cashing in) as the more likely explanation.
Whilst it is annoying that the opportunists have given the opportunity (no doubt unintentionally) to damage the share price, albeit only temporarily, which would not have happened if the whole of the capital raise had been by SPP ($37,000,000 worth of placements sought), it is somewhat of a relief, to me at least, that the storm will pass and we will be well rid of those who are not invested in the company's story and potential.
Mind you, I don't think that the company's announcement deficit syndrome helps. Perhaps it is a strategic decision to keep our activity close to our chest for commercial reasons, and if it is then I fully support it. After all we are up against some big players who would love to know what we are up to so they can play the 'spoiler' with any of our prospective deals.
But I think that some more frequent non sensitive progress reports would be appreciated by shareholders. Loyalty should be rewarded and more importantly, respected,and keeping all informed at this level on how their investment is being managed would show that respect.
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Open | High | Low | Value | Volume |
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Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
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16 | 1799959 | 0.020 |
5 | 2082869 | 0.019 |
7 | 664332 | 0.018 |
5 | 550882 | 0.017 |
Price($) | Vol. | No. |
---|---|---|
0.022 | 568091 | 6 |
0.023 | 422310 | 4 |
0.024 | 230737 | 2 |
0.025 | 246946 | 6 |
0.027 | 480762 | 2 |
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