Typical retail investor ... only 100+ lots la :)

Feel that REC has been unfairly punished since it started its steep descent since June 2009, as between then and now, as far as I can recall, there were no negative news (OCL was announced way back in Mar and even then, the worst case scenario that the management announced was a write-off of 1.5c, see http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_9C9AF252417CE203482575770006C2EA/$file/REC_News_Release_OCL.pdf?openelement).

Think one of the reasons for the weak stock price could be the perceived lack of support shown by its directors (last insider trade was end Aug). Compare this situation with Saizen REIT and it is immediately apparent. To me, Saizen has got much much weaker fundamentals (it defaulted on a CMBS in Nov/Dec no less) but its price has been steady at 13 - 15c (I know because I was vested but cashed out with a little profit). I have even seen in some of the forum threads that Saizen is one to watch in 2010. 

As I mentioned below, I foresee that there will be more positive developments as follow up to the proposed JV. It is also interesting that they are thinking about "transferring" the listing status of OCL to ISS, this will mean that REC's investment in OCL will be "unfrozen" (OCL has been suspended since Mar) as it can be traded in the open market.

As for potential dividend payout, I think that depends on the JV as there may be a need for capex, but looking at REC's free cash flow, they can definitely afford it. I personally think that there is a >50% possibility. 

My target price for REC is no less than 60c, think the boost may come from very positive reviews for the JV and a dividend payout as a sweetener. Sorry for the long post, just my 2c worth. 

your right. The real resistance will be @ 42.5 cents

But once break it ... hopefully one shot the shorter bye bye