I agree the waves of selling in the stock have been a surprise .... I've mopped up what I can and fully expected the s/p to be well north of 4c by now .. say a market cap of $20m instead of the current $12m.
I guess its easy to blame the placement broker , and some have suggested the Company itself is not happy with them.
However , Andrew Waller , Director , is a specialist in finance raising and obviously has some connections with Tolhursts.
I think getting the placement away at 2c was a minor coup , given ANZOIL's history and the speculative forward plans for Nuenco.
So , what we got was perhaps some 'less sophisticated' punters taking the placement and now taking their 50~75% twists.... and why not ?
Had the shares been placed to more 'solid' longer term homes , it is doubtful that a placement price of 2c would have been achieved ... perhaps more like 1c and double the amount of paper to issue ?
Anyway , for every seller there has been a buyer and sooner or later ... perhaps when more info is provided the stock will be revalued alot higher imo.
Meanwhile , sitting tight on the bid at 2.6c / .08c is the way to go imho.
Cheers
SALTY
NEO
nuenco nl
