Ann: Top 20 Security Holders (DXNOA), page-11

Just an observation that can be interpreted in different manners (depending on more news and priorities/policies of these guys).

For Carason Ward, an announcement just came out that they reduced their position from 15% to 12%. And these are stocks that they purchased for over 12 cents each (so that’s quite something). Maybe it’s internal transfer to subsidiaries, clients etc. Otherwise, it may mean that ex-post (now), they interpret that uptick to 7 cents (before the capital raising) as tactical and pumped (or don’t see that happening again in the near future).

Newgate bought at 5.2 cents, so 5.5 (of the entitlement offer) was perhaps not too enticing. Hard to read what is behind the decision of others on one instance, I need to observe and put them together on a longer time horizon to get a picture.