Mr Market19 Jan 2021 17:55
Mr Market as usual doing a great job of getting shares as cheap as possible. We're all at a loss here, however, most investors can't take any loss atall, so only buy when things start to go up again. The added risk of buying when things are dropping is met with added rewards that when it does snap back up it will be swift. Think of all that cash waiting on the sidelines for any whiff of a solid bottom forming, let alone the 4 year saga of SFO coming to a close.
Watching level 2 is intriguing, all the buys well above the offer are not pushing up the spread, why, because there is a distressed seller vacating the room at a typically amateurish time.
Market cap is currently under £400m, with management owning 20%, and another 8% short, coupled with not seeing a single holding RNS other than Blackrock in the last few years and you suddenly have a very small free float. Volume here just now is very reassuring (over 15% of the company traded in 3days!) if the buyers want to keep buying in such volume there is noway sellers can keep meeting demand (witness the smaller and smaller amounts available on level 2). Once the ret*rded distressed sellers stop nuking the bid at the worst times (its almost like they want it to go down, ie shorters), we will see a steady uptrend. Seen it all before, see past the share price manipulation and look at the assets your actually buying.
Rye Bay were starting to close there short at £1.6 a few days ago, yet chose two days later the chose to increase there position at £1.15 due to a guilty plee, go figure, its all smoke and mirrors to try and decieve. Wouldn't surprise me if one or two institutional holders were using the SFO resurgence as an excuse to exit at a loss with a few envelopes passed to the shorters in advance. At the end of the day the II's couldn't care less because its their clients money and not there own there throwing down the drain at the worst possible time in PFC's history. You couldn't make it up.
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