Today I made the decision to sell most of my LYC. It was not an easy decision to make. The decision was made because I am not prepared to take any more risk. If I was younger and fitter I would have liked to hang on but that's the breaks.
The risk that I see short term is there is a good chance that a major shareholder or a director could sell down and cause a dramatic further fall. It will only take one of the larger holders to say enough is enough and make the decision to quit. It will only take one to be short of cash and be pressured to sell.
We know for a fact that Curtis has borrowed against his holding when the SP was much higher than it is at this stage. As a precaution for my own position I must assume that his lender is also nervous, that's how commercial lending works.
An expensive decision but taken as an insurance policy. I like to think I only invest where I am prepared to lose and we have reached the point of no return. I will retain a small holding, may use it to attend the annual meeting with a few questions to ask the board which I consider inept and not deserving of much credit. I believe there really is a case for them to be accountable for the "on time and on budget" report that I relied on at a critical time for my investment.
The first time ever in my years of posting that LYC has had my sentiment at SELL.
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Last
$5.69 |
Change
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Mkt cap ! $5.318B |
Open | High | Low | Value | Volume |
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No. | Vol. | Price($) |
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5 | 75089 | $5.68 |
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Price($) | Vol. | No. |
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$5.70 | 63441 | 5 |
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No. | Vol. | Price($) |
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3 | 19345 | 5.680 |
2 | 37342 | 5.670 |
3 | 15027 | 5.660 |
5 | 55273 | 5.650 |
2 | 16818 | 5.640 |
Price($) | Vol. | No. |
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5.700 | 11000 | 2 |
5.710 | 56174 | 4 |
5.720 | 10943 | 5 |
5.730 | 23295 | 6 |
5.740 | 47044 | 4 |
Last trade - 16.10pm 28/03/2024 (20 minute delay) ? |
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Change
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Open | High | Low | Volume | ||
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Last updated 15.59pm 28/03/2024 ? |
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