Lets answer your concerns in the argument: Point 2 : No in fact...

Lets answer your concerns in the argument:

Point 2 : No in fact the top 20 shareholders collectively hold far less than last year. So in fact there has been a substantial drop in the number of shares held by the top 20. The movement of 100,000 shares is not sufficient to outweigh the fact that collectively there are so many more shareholders and in fact the top 20 have dropped in significance. It suggests a far wider spread is occurring.

Point 3 : Having looked back over the past year and this point has been made for about 18 months the average daily trade has been closer to 700,000 and thus its 3 days tarde. an accumulation process would by now have had to yield a far great number of people popping into the top 20 and probably far more share price stability.

Point 4 Well that just supports the fact that institutions are probably not in this game. Cannot hold it not in asx300.

Point 5 Could have but in reality when shareholder numbers grow the stats plus the lowering of the concentration in the top20 suggests retail holders not institutions. Plus 1200 @5000 is 6 million shares that small holders would have accumulated. Splitting holdings - there is evidence of one larger holder doing that NC and that by the way could have resulted in the cutoff moving from 2 million to 2.1 million.

No-one - not the company nor has anyone here identified any institution that has taken a stake. Petra they are a broker - you cannot deduce anything. What you can deduce is that first it was Baker Young then Moelis now Petra - not a happy process and I am sure that the first party's exit (BY) was because they were disappointed with the investment.

It really isnt unimportant what is said here - It's just misleading if there isn't actual institutional holdings developing and as such if its retail investors that hold this thing up then understand that if there is a heading towards the exit then it will be flooded as a very high proportion of stock is then able to come to market the only anchor is GR.

If we accept that its not being manipulated and that it reflects the feelings of retail investors then the way management are interacting with shareholders is critical to the share price and their strategy is the right one. However for this investment to become what we want it to be it has to hit the financial goals and that is this coming year. We have to be at cash flow break-even and we have to start generating cash.