I must admit the weakness is somewhat unexplained, the result was good, recent announcements on ROE of litigation cases has been good, no changes to litigation funding regulation that is negative. So this sale facility is like a capital raising, share price weakness leading into the announcement. I would imagine the sale facility would be run as a book build by a broker and marketed to institutions. The size of the sale will be known on Monday and the sale process is conducted in the following days. The market knew this sale was coming and the exact timing. I looked at the annual report for a geographic breakdown, but that is not provided. Kabouter Management and Vanguard are US investors and major shareholders, but i would think they are "qualified persons". However the fact the company has asked for extra time suggests the process of locating US investors has been problematic.
OBL Price at posting:
$3.35 Sentiment: None Disclosure: Held
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