why are buyers on strike

Since the release of the financial results (end Aug 2011) and especially since the release of the 2011 Annual Report (9 Sept. 2011), there has been a buyers? strike concerning this share, with the buy to sell ratio fluctuating between 1:3 and 1:5. As a consequence of this the share price shows a declining trendline.

This is surprising as EWC?s finances are stronger than ever with a 35% increase in net profits, a 35% increase in EPS and a clear indication that Stewart Elliott?s business model is now becoming a reality with substantial progress on its major projects being made, including 2x 0.5mtpa LNG trains to be shipped to Indonesia shortly, a further 2x0.5mtpa LNG trains to be shipped to Sengkang provided enough gas reserves are found (precisely the way S. Elliott envisaged the development of the Sengkang LNG facility), site specific FEED for 3mtpa LNG trains in PNG, carried out by Chart, to be completed by November, 2011, FID on the PNG project on track for announcement prior to the end of 2011 and construction of phase one (130,000 cubic metre LNG hub) at Pagbilao having already commenced. With the 120MW expansion of the Sengkang power station being complete by end of 2012 all necessary components are in place for EWC to become an extremely profitable company, especially once the Sengkang LNG facility becomes fully operational in mid/end 2013 and once the PNG LNG trains are operational (end 2013/mid 2014). The following EPS calculation may provide some guidance:

Sengkang Power Station:
195 MW Power station: US1.5 cents
260 MW power station: US2.0 cents
325 MW power station: US2.5 cents

Sengkang LNG facility:
0.5mtpa LNG: US5 cents
1mtpa LNG: US10cents
1.5mtpa LNG: US15cents
2mtpa LNG: US20cents

PNG LNG project
Assumption: Oil price = $85
2mtpa LNG: US2.9cents
3mtpa LNG: US4.4cents

Combining these individual projects? EPSs, the best case scenario for 2013/14 would yield an EPS of about US27cents and the worst case (1mtpa instead of 2mtpa LNG from Sengkang) would provide an EPS of about US17cents.

Given this picture re: progress on EWC?s major projects and future financial situation, I fail to find solid reasons for the current buyers? strike at EWC?s current share price of around 58cents.

Has anyone got any ideas which may shed light on this current buyers? strike?