It is also worth considering 'who doesn't' benefit from dividends. Foreign entities holding EXS have no use for franking and may also be adding to the weight of sellers.
There are any number of possibilities for the selling pressure but at this point there is still perceived risk of the deal falling over, risk of how the money is returned, risk of how the remaining money is spent on exploration/acquisition.
It looks cheap to me and that is the best part of any inefficient market......it throws up ways to make money and ways to burn it.
EXS Price at posting:
67.0¢ Sentiment: Buy Disclosure: Held
