your calculation is completely correct. Generally, worthy stock is under control of big brokers and always retailers and weak holders are being pointed by big boys capping.
for example in $IRC, ORD has accumulated 13M since last year in average of 18c, however, she tends to sell shares under buy price on 6th of month to force $EGS and retailers to dump their shares around 14c (where 1.3M shares sit in 14 c on 6th of month). This shows how Mkt can be controlled under brokers.
Personally, I believe that $EGS is not hurry to sell $IRC shares and Hartleys as her broker wouldn't sell any shares under 16.5c.
IRC Price at posting:
16.0¢ Sentiment: None Disclosure: Held