i'll go with the smart money

HSBC CUSTODY NOM AUST LTD increase shareholding between 22 Nov and 22 Dec 2011 in ISN from 26 366 789 to 114 641 680. All top 20 shareholders increase holdings in ISN. Share trading basics tells me, this is when you buy

As for Bergen, read the 28 Sep agreement...

Sep 28 Announcement: "Bergen acquires the additional ordinary shares in the Company under the share purchase facility at a purchase price determined at the election of Bergen and comprising either 130% of the daily VWAPs of the Company’s ordinary shares during 10 trading days before the execution of the Agreement (this price cannot be utilized by Bergen for more than three monthly investments during the term of the Agreement) or 90% of the average of three consecutive daily VWAPs of the Company’s ordinary shares during a specified period immediately prior to the date of the issuance of the ordinary shares."

So, and can anyone support or refute the following regarding Bergen's 90 000 000 which they acquired 30 Dec but may not necessarily sell over the next few days:

The face value of the Convertible Security (issued 28 Sep) is A$1,120,000 (the Principal Amount). •

The Convertible Security does not bear
interest and is unsecured. •

The Convertible Security shall convert
into new Ordinary Shares of the Company determined by dividing the Principal Amount to be converted by one of the following, at the Investor’s election:
1. 130% of the average of the daily VWAPs per Share for the ten (10) consecutive Trading Days immediately prior to 28 September 2011; or
2. 90% of the average of three daily VWAPs per Share during a specified period prior to the conversion date of the Convertible Security.
Ordinary Shares issued upon conversion of the Convertible Security will rank pari passu with existing Ordinary Shares.

If this is what 30 Dec refers to then $1,120,000/90 000 000 = 0.012444c/share which may have been 90% of the vwap in the 3 days to 30 sep when shares hovered between 0.013 and 0.017c/share

I can't see any hidden tricks here, incompetence or mismanagement. I see a management plan to develop a product on course. Looking forward to ISN in 2012