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The price is probably being held at around this level by convertible bond holders who have nothing to loose by selling above about 22p. These same entities are probably going to be the source of the additional funding for the project, probably along the same lines as their original support for stage 1. By holding the price at this level, similar terms can be "got away with" without the terms seeming to be too advantageous to them compared to shareholders stakes in the enterprise. When the overall deal is done it will be win-win for all parties. I am using this situation to top up as much as is prudent in an overall portfolio. Incidentally, I was castigated on this board some time ago for ever suggesting that this situation would ever arise.

AlanG - just look at the US futures market - Amazon misses etc.

Must repeat after me - SXX does not exist in a vacuum and this has all the hallmarks of entities getting margin calls, probably across the board and liquidating assets across the board to meet those margin calls

https://youtu.be/zKhEw7nD9C4

malkis, already purchased a shed load today, so would be delighted if they shoot up, but don't hold your breath because this is becoming a stay short environment in which buying the dips does not work out so well unless you are prepared for further SP dips and long term holding.

What it has to do with you and others is that some Hedge funds with leveraged interests in SXX may well be having to liquidate some of their assets to meet market margin calls elsewhere. SXX doesn't exist in a vacuum. This should create even better bargains at yet lower prices and I for one will be making sure to take advantage of these opportunities - that is why I have prepared for this time with 85% of holdings in cash, ready and waiting.

Watch out for further weakness in SXX tomorrow following a dire close in the US. Good for long term bargain hunters.

Nice one SXX_Pound-Party

sorry jonesrichard, thought you were ot doing this anymore - please carry on

UT = 25.04 p up 1.34 p (up 5.7%) good day

UT = 23.7 down 0.42p (down 1.7%)

barnaberible - I agree with what you say. Broader market conditions may affect margin levels. That and the spread of some PIs investments to stocks that are under pressure, may mean that they have margin calls that affect their leveraged investments in SXX. Do not underestimate the level of participation of spread betters - spread betting firms often hedge the risks in their books through back to back participation in the cash market. Many of the SXX trades through BATSEU are ATs mechanising this process.

target tomorrow sub 23p

UT = 24.12 down 1.32 = down 5.2% (as expected)

next stop down with a 23 handle - not a share to be holding on margin

relentlessly down today again - the share that keeps on giving new opportunities

The title says it all. Need to clear out a few more leveraged positions.

Not quite. The real time LSE UT is 25.44 which is -1 (-3.8%)

I am fully with you Andygolf. You did indeed act as you said and like you I was castigated for taking a similar position.

Nothing meant by the "fraid not" phrase, one way or the other. I continue to favour the downward trend to get to a well-supported price and although I have started buying again I'm keeping most funds for yet lower prices, perhaps leading into a placing, which I do think will be necessary- keeping plenty of powder dry for that eventuality also.