Trading DayStock price held at 3.5 cents. I thought support was at 4 cents, but there were more closing prices at 3.5 cents over the past few months. So maybe it's a bit lower.
The word "rollback" seems to strike fear into some investors. Unfortunately this reputation was developed over the decades by other companies who were re-organizing after flaring out. Mining juniors as well as others were prime examples. Senior companies also carried the reputation. Often the stock price would drop after a rollback and thus the expectation was established.
But if the business plan is sound and progress is being made, then a rollback should be viewed as positive. David Beutel was buying at 1.5 cents and still owns the shares, now to own 16.4 million.
The stock markets may also be at play here, as other stocks are sliding. Tough to go against the flow. If this is viewed as a buying opportunity, then buyers will step up. They are willing to place a basket under the apple tree, as was in evidence both today and on Friday. With today's trading, almost all trades were at 3.5 cents when the bid price was set at 3 cents. It's as if buyers were reaching for 3.5 cents.
Interesting to see if this method of acquisition holds up in the weeks to come.
| Oct 20/10 | Oct 14/10 | Beutel, David Michael | Direct Ownership | Common Shares | 10 - Acquisition in the public market | 500,000 |
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