Sorry I correct myself. He collaterised the share at 25-27 c per share because the deed required him to maintain 200% of principal. Margin call is at 175% or below. That probably explains why he sold down in Sep 2017 when the share price hit low 40s. He was hit with margin call.
The amendment relaxed the margin call condition. The last straw is in Dec 2018. I think he knows he has no chance to meet the margin call. So, he just bs everyone about being sick. All in all he probably cashed out maybe 70-80 mil (loan + sell down). That's probably how much the Lim family put in since inception. So he has preserved himself.
By late last year, he probably also thought that he may lose control if his uncle wrestled back Donaco. So, might as well just cashed out and his uncle if interested will need have to pay out.
Now OCP is out of pocket by almost 70 mil. They will not settle anything below 23c.
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DNA Price at posting:
7.1¢ Sentiment: Hold Disclosure: Held
