Since the 30th October when EVG announced that 45 million shares had been placed with sophisticated investors at 8c there have been approximately 18.5 mill shares traded.
Given that there will probably be/is a significant amount of stag profit taking from the 45 mill placement I would guess that keen buyers of EVG (as the POG continues to rise) are being met by the stag sellers. This appears to be at around 9.5c.
My assumption based on the 45 mill shares issued and the shares traded to-date after the 30th October announcement means that there could be a couple weeks more of stagnation in the SP regardless of the POG.
Once the stag profit takers are gone then I would imagine a strong uplift in SP will occur as such a large number of shares is currently changing hands at these prices - thus longer term holders on the register and those that haven't yet made significant ST gains yet.
I still think those tempted to buy into this story shouldn't wait too long.
Cheers John
EVG Price at posting:
9.5¢ Sentiment: Buy Disclosure: Held
