People sell when there is little action in a stock, and NML has traded sideways for a long time. Placees paid 3.7p so even 5p is a decent profit - it is fairly predictable that you would see some selling after the placement. However the turnover has been pretty good over the last few months (I would estimate around 20-25m shares, without bothering to add it up, anyone care to have a crack?) so the chance of any real sellers being left from the last placement is very low. What you are seeing is retail giving up on the stock as it didnt deliver instant jam and they are after the next fast moving stock. Frankly, a good way to lose money (ie chase high priced moving stocks).
I dont tend to trade these things but buy weakness and sell spikes. We are in a buying range rather than a selling range and the chance of the company delivering decent news in the next few weeks is excellent. Shane and John will be marketing the story in March and I dont think they will come unprepared (ie without something decent to get the market going), so the likelihood is that the stock will be higher before then. As an investor, I am very happy holding this one at present given its modest market cap and potential. If it popped to 10p I would take some serious cash off the table but here I am more inclined to be a buyer.
As for a placement, it aint gonna happen at this price level and in advance of the production ramping up. Anyone waiting for that is going to be disappointed!
I am still holding a swag of the these and am VERY relaxed at this point in the game.
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