over 652m shares traded in the 5 days since the announcement, which roughly equates equates to $5.2m turnover. At an average price of .008, that represents 75% of the share register, that is just phenomenal.
What does it all mean?
Some of it is the underwriter dumping .004 for a healthy gain, some is churn and arbitrage trading, but undoubtedly there is a high proportion of older investors getting out.
I'm sorry, to me that looks like the classic case of the retail investor getting in at the top of the market and out at the bottom. Having lost over 90%, there is very little left to lose and seems to me people are trading emotionally. This is an extremely cheap option over some potentially very valuable tenements and with POO back in a bullish trend, the risk is on the upside, surely??
Not advice, just an observation. GLTA
Wazz
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