Time for calm reflection...8 Apr 2022 10:32
As we approach the probable denouement, now is the time for patience and strong wills...
We have had so many disappointments in the past, most notably on the back of overpromising and underdelivering, to the extent that the SP went stale.
Whoever said yesterday that this is where the SP should have been anyhow was making a sound point.
Darryl seems to have had a stabilising influence on the Board.
It is incredibly encouraging that we have come 77% in 3 months on no news, but that cannot be expected to last.
As DBW suggested, it is still probably 6 weeks at least to the PFS, so we need whoever is buying to sustain their interest, otherwise we may see temporary 'adjustments'.
Today is a case in point...the MMs tried to take it down and were met with steady buying that took the SP back to where we started. I haven't checked yet, but that tells me that still few are selling and the insti(s) or whoever are still buying.
But are they buying on the PFS or bid speculation; or is it a prospective bidder(s) or someone on behalf of same?
That leaves a vulnerability because if, say it is one buyer (Norge) and they have a capped limit of 40p say, or a capped size of, say 5%, what happens when that is reached?
I'm certain that there is no shortage of recent buys by traders/speculators...at what point do they take their short term profits? Maybe that is what the MMs are trying to trigger...
I am very much encouraged to believe that the PFS will be a material improvement on v1 and that alone will produce a SP lift, but...
If we have six weeks to go, there will be some relatively 'dead' times in that.
Next week is Easter...the market will begin to wind down from Monday and probably won't fully restart until w/b 25 April; then we have the Mayday weekend...then Spring Bank and the Queens Jubilee...and all these may probably happen prior to PFS.
So as I said...its time for calm reflection. We can't expect any news prior to PFS except the MD&A in mid May and possibly Options...both of us will give us crumbs to speculate on...
Good luck...keep the faith...we've come a very long way and fulfilment is at hand in a few short weeks now...