Ignoring the SP, I don't see how he would be giving away effective control.
Say he only had 35% of the SOI today, he would still have effective control, because he effectively "controls" the Board. .
so, if he went from 50% to, say, 45%, what difference would it make ?
With respect to the SP itself however, yes, he might sell into a buyback at 1.3, but a re- rate on his remaining shares, may more than offset it, wouldn't it ?
Hi average cost is way below 1.3 anyway, isn't it ? I seem to remember someone lookin g at that some time ago ? (maybe ron)
The way I see it, he might only have to sell off a few %. but maybe I'm missing something.
Breakaway Research Report - Aug 2022, page-30
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