Well, someone worked it down nicely to pick up their 39.3m shares at a discount. There aren't that many holders that have that number to sell. Guessing - it could be Regal deciding they don't like the macro outlook and are changing their risk profile. There are also 40m options due end of July, but not for Seckhold and he's the only insider with that many heads (I think).
It looks like they are saving themselves the paperwork as it's just below the 5% threshold (4.95%), so we may not find out who the buyer was quick.
The company has been saying (for a while) that there is much more interest in the precursor product than in HPA. If you look at the spreadsheet published mid-December, HPA is a little under half the total volume, and even then, it's only a few thousand TPA. This is interesting IMO - these guys are competent operators. They have marketing support from Traxys and chemical vendors in Asia, Europe and the US. Yet we are not seeing any hints that the HPA nirvana train is about to take off from the station with enough demand to support several new entrants comfortably - at least not yet. The potential global recession would make buyers cautious and lean into the incumbents IMO. I'd suggest it's worth being very careful about marketWatch's and others' forecasts. The cynic in me wonders if those market projection companies get paid to produce the most probable or the most hopeful/optimistic modelling?
As for the PPF, Rimas has said there is a private spot market for the precursors they can sell into, and my hunch is that the HPA product will be for marketing and to service smaller orders until the main plant is ready.
No getting around things - it's tough out there at the moment. Glad A4N aren't a one-trick pony - that PPF shed is looking great! lol
(20min delay)