I have to be careful what I say - I have learnt that you cannot be frank on hotcopper - or you get "deleted".
I speculate that some large holder/s may still feel aggrieved about pre-crisis board disputes, and want out/or need cash regardless of the past/current SP undervaluation and the excellent medium term prospects.
Some other of these sellers may have gone in during 07, possibly based on a personal relationship with the senior people in the company, or on local knowledge, and while doing so relied on the company's hype at the time, for example about production in a matter of weeks. This kind of trusting investor would have expected to realise a gain quickly.
If that had occurred, then these shareholders would a) want some of their money back in order to buy groceries, and/or b) not want to remain as a result of past bad blood.
In time these sellers will get mopped up. But I guess you can expect the same pattern until they are, unless the existing most senior people recruit a most senior person who is not tarred with the old brush.
I don't think GBM's SP will do what it should until one, or better both of these two things occurs.
That's my 2 cents worth.
GBM Price at posting:
2.2¢ Sentiment: Buy Disclosure: Held
