I don't think it's day traders, not in such a traditionally illiquid stock.
The last 2 days have been the largest daily stock trades in the company's history. Someone dropped well over a million in one trade today, which has previously never happened.
It may be Chan selling all his stock, but whoever it is, really wants out. I suspect there is more to come until they have sold all their stock.
It may be insiders who have seen the upcoming half yearly financials, if so, then the future is not looking too good, and I'd expect falls to 7c and below.
I'm not sure why anyone would be buying until they see the next half yearly financial report, and get some indication from management about what is happening at this company.
I'm beginning to think the best thing they can do now is to remove the stock from the ASX, and spend the next couple of years trying to privately rebuild it, otherwise I fear the worst here eventually.
Gw
PPL Price at posting:
9.0¢ Sentiment: None Disclosure: Held
