what can one say...

I am completely dumbfounded...

Selling cannot possibly be related to the failure of the IPO...they have not even been to Asia or the U.K. yet...which as I understand it, are their largest potential takeup targets.

Yet the sell-down continues...to the point where it appears to be developing a life of its own?

Interestingly, there was more than just one butterfly net sitting in wait at the lows, with significant volumes changing hands at these levels.

Of course, I am talking "relative" here...in actual fact a grand total of just 2.4m shares traded today...with little or no sign of propping to be seen...anywhere!

Add the 2m from yesterday and we have a grand total of just 4.4m shares responsible for the carnage...and this from a grand total available to be traded of some 116m shares?

Thats just 3.7% of all stock on issue...lol...does anyone else see the significance of this simple little fact?

In my view, this is indicative of nothing more than one or two relatively smallish positions exiting...and no doubt a few stop-loss triggers and rumour filled panic attacks being draged along for the ride.

If they are insiders, there are not very many of them?

Anyone who has been around the markets long enough will know...if in fact there was a fundamental failure here, one where some serious volumes wanted out, we would not be seeing the sell side continuously loaded-up a safe 2-3 points from the action as it has been...nor would we be seeing well timed sells at the slightest sign of buyers returning from time to time...nor would we be seeing the buy side vacated every time a seller appears.

No...we would be seeing every trick in the book employed to help facilitate their exit...and more than likely, 10's of millions trading and a likely rising share price!

We are not seeing any of this.

Doesn't anyone find it strange that with all those large sell bids in the depth today, that we actually only saw 2.4m shares trade...total?

Are they net selling or net buying here?

Clearly someone picked up a few decent lines near the bottom...who was it?

If it was in fact sellers seriously trying to get out, they have done everything in the book to ensure lower prices for their shares....not very smart.

I am certain there is more going on here than a direct reflection on the IPO...which may well be facing a tough ask and a resulting thin down from certain holders concerned for it's success...but in my view, what went on over the last two days cannot be fully related to the IPO.

lol...but sell they did...and the price is now at 9.6c...so regardless of any agenda involved, we have taken a hit!

At the very least, it would be negligent of the ASX not to issue a please explain tonight...but frankly, I would like to think the directors are of the calibre that they would feel the need to make an announcement at ths stage un-prompted.

It may well be that someone previously commited to taking a position has reneged...perhaps understandable in the current market, but hardly reason to throw the baby out with the bath water?

I believe they were targeting 8 locally..have they all pulled out...if so, we need to know?

The sector is sound, long term forecasts are real and achievable...it is a future market...please dont tell me they cannot see this, or that they are falling into the "cheap oil" ploy?

lol...greenhouse gasses are not real, oil will last forever...and North Korea doesn't have nuclear weapons?

Right?

As I see it, everything points to manipulative trading patterns, no doubt facilitated by genuine sellers amongst the noise...for what exact reason I do not know. I am certain however that we are not simply seeing the result of one or two placement holders offloading shares...there are clearly other forces at play.

Knowledge of this will not however make the shares go back up...the company's directors will need to do that!

Cheers!