However, I am not sure you are correct that all 39 million shares held by Citicorp Nominees being 100% Regal.
If you go back over previous posts on this thread, you will see that Citicorp Nominees regularly held 30-35 million shares prior to Regal's take up of the last capital raise which was initially held via Merrill Lynch. I agree that once Regal got under 5% they probably transferred some shares to Citicorp Nominees. But I think its reasonable to assume that a large part of the 39 million shares currently held by Citicorp Nominees are held for the benefit of others and not Regal, being similar to what Citicorp held held prior to the last capital raise. Therefore, I don't think there is that much Regal overhand left and would likely be cleared out by the first sign of good news (just not sure how long before the good news).
HIO Price at posting:
3.8¢ Sentiment: Buy Disclosure: Held
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