Yes Renovadio, I too thought it was a pretty awesome update but...
...there can be no doubt that someone has a very clear objective to keep this price down. Volume buyer came in this afternoon and was filled very quickly. The total sold at 13 cents totals exactly 800,000 (except the last 1,401). This flies in the face of a rational holder seeking to sell out at the best price. On the back of this announcement a good operator would have just massaged the stock out slowly enticing buyers to pay more. Not in this case, it was just dumped. To have this number of shares available for sale you must either sit just outside the Top 20 shareholders (or be a top 20 shareholder), or borrow shares for the purpose of shorting. Over the last few months there has only been increases to the Top 20 shareholders as reported on a monthly basis. So where is the stock coming from? This stock is being played, that's probably a good thing in as far as at least it's on somebody's radar to be played. And I suspect there is something magical about 13 cents. Tribeca, as at 30 September, owned 37.145m shares, 12.73%. If they are selling then they would need to report a change in holding after a 1% change, that being 2,917,833 shares. In a few days I will also know what broker is selling (Under ASX rules broker trades are nameless for three days). I will monitor closely as this often offers a clue. My personal view, on the back of the announcements over the course of this year, and considering all the known risks and rewards, this stock should be comfortably sitting around 30 cents.
Any theories gratefully received.
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