Hi sami, I think the critical line is "on-market selling in relation to this option exercise is now substantially complete." This infers to me that the selling was directly related to the exercise of 40 million options at 6.5 cents. An explanation for this (there may be others) is that TO borrowed to exercise and that they sold to relieve their debt. The premium was small or non-existent I would suggest so approx 40 million shares would need to be sold to cover the debt. Perhaps marginally more if interest is considered.So, it could be argued, TO has not benefitted greatly from this exercise but the company has $2.6 million to provide greater financial security.I agree that my explanation is not guaranteed to be correct but it seems to fit the facts as I see them.If this is correct TO has actually done the company a favour.
ADO Price at posting:
9.3¢ Sentiment: LT Buy Disclosure: Held
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