they have to be either be drawing on the bond or raising capital traditionally - either way you can't expect the bond holder not to sell converted shares and you can't expect people involved in a trad cap raising not to partially sell down before/after participating to minimise risk.
the company has part paid for 6 new opcon powerboxes so the money must have come from and be coming from somewhere for that.
another mou this time with energy developments, page-16
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