It's possible he chose not to take part in the CR. That would push his %age holding down without actually selling any. To maintain his stake in the placement he would have had to stump up $6M. Even for FJ, that's probably not pocket change. Maybe he couldn't free up the cash in time.
To go down to 8% though could either meant he sold some, or didn't maintain his full stake through the last placement, and didn't go down enough to warrant a change in holding notice.
The App 3B with the new shares was only issued yesterday, we should be informed soon.
Even if he did sell a few, he's still our top SH by a fair margin. Given he reads HC, he probably figured it shouldn't be too hard to find another 2% willing to resist a low ball TO.
As I've said before, at 8% of 15% (about 1.2%), I'll bet he is the largest single 'personal' entity holder of the Senegal project.
FARJOY Blocking stake still remains??, page-11
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