I’m looking to buy MNS on the back of this sell down from the...

I’m looking to buy MNS on the back of this sell down from the funding facility as there is reasonable evidence that we are getting to the end of the 40mill shares which are being sold down by the investors ie SBC (L1 Capital) and Regal.

My understanding is that Regal & L1 are selling the initial 40mill shares issued in order to drive down the share price to lower their entry on the determined subscription price. They nominate the day with the lowest price within the previous 12 days. Let’s assume they notify Magnis that they will elect the April 6^th as the reference date - the VWAP on that day is circa 23cents. They then get a 7.5% discount making the official subscription price 21.28c

What are ppls thoughts on the mechanics of this funding facility?