Price at the moment has got nothing to do with the fundamentals and excellent drilling results and all to do with the placing and that stock being sold.
Price Action would indicate the market is still trying to work through the huge number of placing shares that have and are still being sold. MMs offering 10.75p
Olderandwiser imho PRD is too high risk for an institution too take a significant holding in the company. My guess that a few institutions took a very minor stake in the placing too which PRD over egged in the RNS.
Agreed their will be some that managed to forward sell then buy back in the placing. However im talking about the majority of flippers who have been selling since the placing.
While its frustrating for LTH to see the SP at these levels after the recent excellent drilling/ log results, i cant help but smile knowing the Novum flippers havent literally made SFA from the placing.