quarterly report, page-16

Hi Brad,

Gday PA, the selling does not seem like people wanting an exit imo. It's being pushed down. Are the oppies the only reason you can think of? Not enough of 'em to worry about I would have thought?

Yes 2m options seems very small all things considered. However it is a fair overhang for a very illiquid stock such as HDG. You just don't leave money on the table and there is risk free money to be made by unlisted option holders so long as the share price stays above 20c between now and 30 Nov. So I expect pressure to 30 November.

The other thing could be lack of news till Q1 next year.