Why it's not risingIt is a bit baffling but as far as I can determine a lot of this stocks issues have had to do with 2 primary reasons:
1. Lack of investor knowledge of the potential - There is no useful information on their website and no explanation of their apparent bad news. IMO they desperately need a corporate presentation explaining things such as the negligible impact of the force majeure on long term success, their incredibly stong cash position, the direction of the company's focus away from the small costly mines to some larger much more cost effective mines in a couple of years not to mention the expiration and eventual reworking of the terms of these smaller contracts to reflect modern prices for thermal coal.
2. A large percentage of shares are held by firms who participated in the IPO and have essentially decided to write off this investment as a loss essentially selling at any price. Some of these sales may be forced sales as the firms need cash but others may just be impatience with a company that is a tiny portion of their total portfolio.
I think reason #2 has driven down the price and reason #1 has stopped a lot of new investors from absorbing the shares coming available even at these ridiculous discount prices.
I also think some people with cash must know the value here and are happy to slowly accumulate. I can't wait for their to be more people wanting to accumulate than wanting to sell cheap. It will eventually happen but sure has been a slow go. Time for at least the investor presentation PHC.