This is an amazing example of a value trap. On the release of the operational update identifying that the company could not find a buyer and that revenue for the half would be 20% lower than PCP, the share price fell from a close of $0.90 the day before to $0.40, a drop of ~55%!
The share price fall saw the market capitalisation of the company drop ~$13 million from ~$23.3 million to ~$10.4 million. This massive fall in market cap came about with a tiny 8,141 shares trading hands with an aggregate value of $4,623.80.
I wonder where the share price would end up if a fund, or individual with a large position, tried to exit on-market? The table below shows how the trading day unfolded. Tough day for shareholders (and employees and management I imagine).
| Time | Price | Quantity | Value |
| 3:45:31 pm | $0.40 | 700 | $280.00 |
| 3:43:48 pm | $0.40 | 2,500 | $1,000.00 |
| 3:21:41 pm | $0.45 | 4,000 | $1,800.00 |
| 3:15:56 pm | $0.47 | 71 | $33.02 |
| 3:14:25 pm | $0.44 | 9,280 | $4,036.80 |
| 3:13:35 pm | $0.44 | 3,000 | $1,305.00 |
| 3:12:12 pm | $0.44 | 8,850 | $3,849.75 |
| 3:12:12 pm | $0.43 | 870 | $374.10 |
| 2:59:49 pm | $0.39 | 78 | $30.42 |
| 2:59:49 pm | $0.39 | 422 | $164.58 |
| 2:48:27 pm | $0.39 | 1,245 | $485.55 |
| 2:11:19 pm | $0.40 | 500 | $200.00 |
| 2:06:45 pm | $0.40 | 2,000 | $800.00 |
| 2:03:57 pm | $0.40 | 2,500 | $1,000.00 |
| 1:44:25 pm | $0.39 | 2,333 | $909.87 |
| 1:44:25 pm | $0.40 | 2,123 | $849.20 |
| 1:34:30 pm | $0.38 | 377 | $143.26 |
| 1:34:30 pm | $0.39 | 523 | $201.36 |
| 1:25:55 pm | $0.38 | 1,245 | $473.10 |
| 1:21:33 pm | $0.40 | 1,800 | $720.00 |
| 1:14:32 pm | $0.40 | 800 | $320.00 |
| 1:12:51 pm | $0.43 | 550 | $236.50 |
| 1:12:51 pm | $0.43 | 800 | $340.00 |
| 11:44:41 am | $0.45 | 1,000 | $450.00 |
| 11:43:57 am | $0.48 | 1,000 | $480.00 |
| 11:29:10 am | $0.53 | 920 | $487.60 |
| 10:58:28 am | $0.60 | 800 | $480.00 |
| 10:02:12 am | $0.70 | 71 | $49.70 |
| 10:02:12 am | $0.70 | 3,000 | $2,100.00 |
| TOTAL | 53358 | $23,599.80 |