RE: ? news will be financials which we know will be par for the course. The other news mkt is waiting for is a contract with a major, noc, soe for a licensing deal etc. That event will mark a significant milestone for the co.
two things can justify: 1) people that owned PBG for Petrobakken sell the PBG because they can no longer invest in a 100 million dollar company (mkt cap rules for funds) PBG was a billion plus co. and in relation to that others wanted to only own a E&P co, and not an oil technology co with produciton and acreage.
2)the general macro markets on the TSX are HORRIBLE. Canadian E&P's are in trouble due to brent WTI differentials) and Mining companies are coming under significant pressure. Pepole are selling everything to raise capital. they will sell at any price if they need to make margin calls, pay bills etc
can i justify it? no not really but the reason laid out above are cause for some people to sell at any price...there in lies the opp IMO. what i do know is very very few companies have this much cash, zero debt and cash flow (though small for now) the market wants a contract that will genereate significant cash flow. justifed or not......i dont know where the share price trades. nobody does.......