tough stock to trade, page-3

A large seller at 5c and above can only be someone who is going to be picking up more of the 5c shortfall shares. I could do the same but wont as want to get my 12month tax discount on the rights asap.

Been keeping track of the daily average prices over the past months and its hard to see many shareholders left holding shares they have bought under 5c considering 580m shares have traded since 11nov at an average price around the 6 cent level and another 110m issued at 5c under the rights issue.

Excluding directors holdings of 112m shares , my large holdings and other sub holders its hard to see why there would be any person willing to sell below the 5c level unless a loss is what they are after.

Day traders could have bought some of the 40m or so shares bought between 4.2 and 5c over the past several weeks and are hoping to sell at 5c and above to do it again but like i mentioned most of the available stock left that people are holding was bought over 5c so could you do it again. Maybe those who bought at 8c in the recent rally have moved on or are moving on.

For me knowing whats been spent getting this far , the support and shareholdings of directors and large shareholders tells me the share price doesnt reflect current or future potential value.