I reckon it's just that the stock has been taken over by...

I reckon it's just that the stock has been taken over by technical traders until there is further news. support line at 45c (April high) was broken and bid down quickly to the next support line of 41.5 (May high). It will either bounce off that or find its way down to 37c or so (most recent high in June and also about where the 50 day Moving Avg will be). This stock has shown a history of reverting to the 50 day moving average after initially breaking a down trend.

Despite all this talk i hate the concept of 'technical trading' - euphamism for reading tea leaves - but I accept it influences markets. this stock is particularly susceptible to it because it is drifting until further news comes out about the sale - likely another 7-8 weeks away. A good chance for those with a backbone to get in now - or especially around 36-38c if it gets there - because it will be a case of the soothsayers completely overriding the fundamentals. $A oil price is exploding at the moment. fundamentally, without the bid in the background this is clearly a 40c+ stock at a minimum - 60c+ in my view). you are getting the chance of a successful sale thrown in for free (yeah yeah if the sale falls through it will drop back to 30c but can't stay there - the capital management of these guys is very good and if you are prepared to hold for a while you will get your cash back even if the sale falls through). at 30c a share they will just keep buying back shares so that in two year's time when someone else comes along to pay $300m it will be worth $1.50 a share (at which time they will be clearing 15cps+ annually in free cash flow by the way)

Stand back - ignore the sheep shuffling between their 'technical' points - and it is clear this is a compelling buy. doesn't mean that you will make money for sure - just that the odds are heavily with you at 42c or below.

ps. I think the significant drop in price in the days before the announcement shows the market has no idea what is going on. You do yourself a disservice trying to attribute too much wisdom to it.......:)