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I was in heavily at 43p just a month ago. Sold way to soon...what a move.

Analysing the numbers is the easy bit (and what everyone does). Edge in the market comes from an understanding of positioning and sentiment. I respect your opinion though. Mine's that this is very oversold, a huge amount of negativity is priced into what is fundamentally a very well put together business and offers very good risk/reward at this level.

Great support in this area though.

Agree, as a hobbyist producer I can say they have industry leading products which integrate very usefully and intelligently to suit multiple needs. Seems a very good business.

Big insider buying in the last couple of weeks. No one knows what the share price will do but those inside are clearly seeing a disconnect between the valuation and the company's prospects. We'd do well to listen.

Agree this looks a far stronger area to form a new base for a sustained move higher. All the froth has been washed out.

They're a few days old. They should have followed Morgan Stanley.

It's quite obvious from the enormous shift in sentiment and statement buying from insiders that this is a swing trade for anyone in around these levels. Most will understand this move has plenty left in the tank.

Let it flag here, it's heading higher in the coming days anyway.

We have a new investor - "Philosophy Capital Management is an opportunistic value-oriented investment manager targeting mispriced securities across the capital structure."

It looks more to me like an instutional order is being worked to get filled at 40p.

Biggest clue for me now that RNS has come out is that the MM's were happy to take 7.5m shares at 37p. They won't have done that in order to sell them cheaper..

OK yes so that large sell you noted on Wednesday was Spruce House. And at the same time they slightly increased their swap exposure (long).

In 2013 their revenue was £70m. Now it's around £1.1b. It's not a useful reference as it's not the same company.

As I said a few days ago they've got 18-20 months to refinance and the company is adapting to the macro environment in order to get the best terms.

It looks like a repeat of yesterday's RNS.

If it follows the previous two years it rallies into the end of the year from here.

It should be viewed in the context of the predeecing price action. It dropped off a cliff on very low volumes, now as the volume has picked up the drop has slowed right down which suggests accumulation to what appears now to be a pivot. Encouraging signs for me.

Coldspy as TheCynic noted below there was a 7,484,104 'unknown' marked at 13:10 and 7,984,104 at 13:31 so will be in connection with this morning's RNS, Spruce House adjusting their exposure between their ordinary shares and their swap.

Coldspy my understanding of that RNS is they've sold some of their ordinary shares to increase their exposure via their swap. If so that would be bullish as they're increasing leverage for what they perceive to be greater upside.

Unhooked, personally no and certainly not retail equity financing. Quite the opposite they've been engaging in share buy backs and have hinted at doing more.

History would suggest restructuring the debt is the most likely scenario. But they've said themselves they're not in a rush until the terms are favourable fpr stakeholders.