Northboy check out pages 12 and 13 of the Prospectus filed in connection with the reverse takeover last year. As I read it 25% of the relevant restricted shares are locked up for 6 months and the remaining 75% locked up for 12 months from the allotment date of shares which I assume was on or around 1 July 2010. The restricted shares are those shares held by the parties identified on page 12 over and above the initial unrestricted 100,000 share threshold. The biggest holders of the restricted shares (in terms of %) are companies associated with the current CEO and also former director Paul McConnell. So I guess come July this year a big chunk of stock will come out of escrow. I would assume that the McConnell stock is the most likely to be placed on the market given he resigned as a director from the company on 26 October 2010 (he was involved in the start up phase). At the end of the day its all speculation as we have no way of knowing whether holders of the escrow shares have any intention of selling or holding etc. Furthermore of course there is always the possibility that if any funds are desperate for stock and restricted holders are keen to offload then it could be dealt with via an offmarket transfer which may not create any overhang in the market whatsoever. I suppose its a fact to bear in mind but not to concentrate too much on.
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