I agree it's a nice show of support but I also I think it's largely looking after his investment - he's in pretty deep when you've got 20% of the company you don't want to see anyone start dumping 30m shares at that level. Same as underwriting the Rights Issue the company needed money he had 20% of the company on conversion of the notes & if finance was becoming difficult for the company to come by there probably wasn't many options to protect it other than to step in. Convertible Notes again were the same it seemed at the time that RBS had pulled back after the missed guidance and previous CR's that didn't really deliver. Hockings stepping in with the CN was looking to bring the company into what were anticipated as key inflection points but didn't carry through < I don't think he expected he would end up with 20% of the company for that $1.6M note - at time of issue it was anticipated to be about 6% I think ?
PYC Price at posting:
1.5¢ Sentiment: None Disclosure: Held
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