A lot of the selling is churn with the same shares changing...

A lot of the selling is churn with the same shares changing hands a few times during the day.

This has to be the case as there is no way that 20mn shares could change hands otherwise - that's 80% of the freefloat.

I have no idea how much the true freefloat is as it changes from day to day. However I would hazard a guess that with each day that passes more shares are taken out of loose hands and put into portfolios and are thus removed from the day to day freefloat.

This is what I mean about dynamics related to lack of stock.

One day soon the management holdings + the top 20 + shares held in portfolios by the little people (like me) will be such that it will start having an effect on stock availability on the offer side.

TRH has done enough for that to be a possibility on Thursday.

Then add in the fact that it is a potash play at the earlier stages of its development but with up to 2.3bn tonnes targeted, then given the stellar rises of other potash plays so far this year investors should have little concern about holding the stock for a period of time whether it is one week or one month.

After all if you buy tomorrow T+3 takes you all the way up to next Thursday or next Wedenesday if you haven't got the cash to settle.

I still think we are overdue a bit more media coverage as well and there will be a lot of space to fill in the business pages over the long weekend.

EB