SUB - tim2000620 Dec 2005 16:20
Tim - you're not being rude at all, and quite right to pick me up. A quick look on DigitalLook would have confirmed my information for me. The 12 month low was 18.5p as you pointed out, but this was also around the company's initial fundraising period. However, I'll now state why I disagree with your final point.
Although it has spiked lower, in recent months the sp has been at 26p or higher. This opportunity to get in below that is one I that I think is worth taking. I don't know how much you know about the company, but it locates wrecks of precious metals with a view to recovery. The last spike up to 34p was purely on confirmation that an $8M wreck had been located. The recovery is due to start in 2006 - Mar I believe. In the interim, they will continue to try to locate further wrecks. Successful confirmation of this alone is likely to send the sp up to at least 36p again. If the recovery is successful then they will have tangible assets to trade, and the sp will not only rise but stand chance of future dividend. Nothing is short term though, hence my recommendation of a 12 month+ buy/hold. Your thoughts?