You make a good point regarding the institutions. Liquidity has...

You make a good point regarding the institutions. Liquidity has always been a problem with this stock with Julia holding over 55% of the stock I believe and more in the past. I think the institutions have been buying up recently on the Spherion announcement, which can be seen in the much stronger volumes, and the share price has risen quite fast. So I think you're right in that there is limited downside from here on.

(Its interesting that Julia went to her mate Cowin, instead of the instos for cash, and has given him a pretty good deal at 67c. Also the shareholders as well.)

However, I believe that Ms Ross will continue to sell down her stake in the future. Once she beds down the Spherion purchase she might opt for another capital raising to instos this time to fund futher purchases in this fragmented market.