Ironside7 Sep 2015 20:46
Selling 20m in a few days last week is the reason the sp is so depressed and the MMs offering such a horrid spread, they obviously have a long line of stock to shift, probably about 30m now. Would expect now that they are offloading it will be all the way to zero holding and they are not bothered about the price.
The recent interest is giving them the volume to sell such a holding into, likely is they have written off the holding and are just getting rid of what was once a substantial amount of cash for next to nothing.
If the volume continues and Ironside get out we should see a fairly aggressive rise, I reckon we have three more days of 20m+ volume to achieve this less if volume goes up.
So the binary situation is obviously now may hold another option, large II seller bailing out and a survive or fail giving a ten bagger or zero return in perhaps a matter of days.
Not one for widows or orphans but one for the brave and if the seller is cleared an interesting situation may develop regardless of survival in the interim.
We either have a London Mining situation that produced a multiple bagger from its forced II fire sale then went bust, a massive recovery on successful refinancing or a damp squib to failure with no bounce!
I hope we get the middle option but now its clear who the seller is a well timed trade could still multi bag and the company end in failure.
One to watch closely in the coming days.
GLA