shareholder briefing review, page-16

Hey Scarab,

I was able to have a quick chat with Alan about that.
My understanding was that this was a stuff-up somewhere between approval and release of the announcement. I don't know how it happened, but he wasn't happy that it did. Like I said, I think it's long odds we will see another SPP. However I would put money on there being a placement to 'select' US-based institutions, maybe also an Aussie. He emphasised the significant interest from the US instos. I also think this comes into the mix of taking on the shorters, especially if a placement was done at a premium to current price.

Oakey, you're quite right about Alan's feelings concerning the shorters. He was steaming. Although, still pre-revenue, Ramin is also of the opinion that the price is significantly underdone for our stage of development, the main reason being that the company has been under attack from them for some time. Why? Only one answer - to increase their holdings at the expense of intimidated retail shareholders.

Alan's anger is not so much that it artificially suppresses the price, more that some retail shareholders who are not as sophisticated in the market as others, panic and sell when they should not. Fundamentally the company is in excellent shape.

I am certain they have plans to deal with it. As I remember, and Redpill or Skypilot would be able to clarify this, Alan said there are only 18 million shares on the Naz of which 6 million are short. But of the 18 million, a significant percentage are not being loaned out by the major instos, Blackstone, Fidelity to name two, who are in accumulation mode, so the actual 'free' float is far less, which increases the shorters exposure in the event they are forced to cover their position.

I've no doubt that Alan is going to force their hand. Sooner rather than later. Alan and Ramin's recent on-market purchases signal this. IMO.