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Most season investers, don’t do gambling? The whole stock market is a gamble squid, nothing is guaranteed
Even if the major holders wanted to offload, the stock is too illiquid to offload large amounts - for example, if a major wanted to offload let's say 5m shares, that kind of sale would take weeks, if not months to sell through. It would result in a stock overhang and a very depressed share price many pence lower than it is right now, guaranteeing them a terrible price for their shares. There's no saying how the majors are feeling right now - I'm sure they can't be happy about 20p a share though for months on end. And since the outcome of the appeal is currently unknown, there must surely be at least one or two slightly nervous majors wondering if they'll ever see their investment again, let alone make any return on it. As others have said, this side of the appeal this stock is basically uninvestible - it's a pure gamble where the outcome is likely to be either boom or bust. Most seasoned investors don't do gambling, so until the uncertainty over the appeal is out of the way, big money investors are likely to consider this too risky to even consider and will be keeping well clear. That's why volume has dropped so much - what you're left with right now are basically short term gamblers and day traders.
I think your right Wellington, buissness is slowley moving in the right direction , appeal decision in October is no doubt the biggest news we will have this year.
Win the appeal then we can focus in buissness , lose the appeal we still focus on buisness , however I may as well put the shares to bed for a few years longer than planned
Yes, very low liquidity. Anyone who was going to sell has done so long ago and people in it now are likely to be long term holders often with higher book values. Because of the uncertainty over the court case it is pretty much uninvestable for most long only institutions which leaves only day traders and people willing to take a punt.
Glad it wasn't just me then fun.
Make it incredibly hard for the day traders which in turn keeps the days volume low
Similar observations myself last week or so. Check especially first half hours trading swings easily 10% most mornings.
Volumes added to this data suggest to me it is a rather illiquid stock.
Guess we are at a point it can go strongly one way or other depending on a couple particular pieces of news in next couple months.
With that nobody really seems confident to make preemptive move either way.
Just a observation