This is crazy, page-15

Apologies I stand corrected

Once you allow for 10% interest accrual on the loan the effective conversion price they are getting is 48.6 cents.

So perhaps at the time of their decision to elect conversion to shares they thought that it was more optimal to equalise their shareholding through on market sales vs taking the cash.

At the end of the day, as long as their average exit price is well above 51 cents then technically they end up on top vs receiving the loan proceeds in cash. And I reckon the investor(s) in question have been selling down slowly for a few weeks now.

Disclaimer - this is just pure speculation but I can't think of another fundamental reason right now this would be selling off so hard...