Tide turning...? Hopefully, because the sp has been woeful. I...

Tide turning...? Hopefully, because the sp has been woeful.

I did a little digging on that front and concluded that TA is not relevant for this stock right now. I personally attribute a lot of the sp weakness to Tony Barton. The logic for this is that on 14 December 2011 he issued a 'ceasing to be a substantial shareholder' notice. At this time his share holding was around 20,000,000.

A little digging around indicates that he is now down to around 3,500,000.

Then I did some simple maths:

Between then and now there have been (I think) 25 trading days. I didn't find specific volume of PYC over that entire period but 3 month average trading has been approx 945,000 per day and average over 10 days was 735,692.

So, using the 3 mth average some 23,625,000 shares should have traded. If Barton accounted for 16,500,000 of those he alone made up for 70% of the sellers market.

If we use the 10 day average 18,392,300 shares would have traded. Baron's 16,500,000 shares would have made up for 90% of the selling volume in this period.

Perhaps someone can come up with more specific PYC trading volume of those specific days but whatever the case it appears as though Barton, as a willing seller, has been a significant impact on the share price.

With only 3,500,000 to go hopefully we can burn through the rest in the not too distant future, in which case, yes, the tide will possibly turn.

The trouble is there might not be any more good news for a number of months, meaning there may be no compelling reason to spark the buy side, giving rise to the possibility that around 4c could become the new av price for a while?

Time will tell. Hopefully they continue the news / deal flow.