Interesting thought just came to me regarding the PALA facility. They've already reached the 19.9% threshold for holdings so any amount used from the equity facility would have implications for PALA and require them I think to make a takeover offer. They probably can get around this however given their reluctance to take up all the penoa options to avoid breaching the 20% mark might there not be some reluctance to approve any dipping into this facility for any non-strategic uses ?
Ann: PEN Investor Update - May 2012 , page-59
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