Ann: Chairman's Address to Shareholders, page-16

I have held for a while now too and have seen this before. My only guess is that the company has many holders but only trades on average around $1 million per day. So when someone with a large holding wants to sell they have to do it over a period of time putting decent pressure on the share price. Also, bonds are starting to look more attractive so you will have people moving money from the share market to bonds.

I do get nervous at these times but holding has always worked out for me in the end.

Just my opinion but I'm sure the company will be back over $4 and heading to $5 in time for half yearly results in Feb next year.

Another factor, historically early December see's a lot of selling on the ASX so this could be a factor too and after having a quick look, HSN has been sold down early every December since 2013.