I would say that NC has secured a loan against a portion of his LYC holding to finance another situation. It might be tax, a new house, a new venture.
He is not buying more LYC. However it is positive. He has borrowed against collateral rather than sell at this level. Unless shares fall very very dramatically his only obligation would be to top up collateral if/as SP falls. I am not aware of any other call on his holding and as his holding is very very significant it would not be destabilising if he was required to top up his collateral
BTW, I think it more likely he will be able to reduce his collateral as I think more likely SP will rally from this level.
K
LYC Price at posting:
52.0¢ Sentiment: Buy Disclosure: Held
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