Yes it was a bit odd that those custodian shares were even included in the total, considering there was no beneficial interest. The notice is based on the disbursement of those custodian shares to management and contractors instead of cash. If the custodian shares were not included the notice would have come earlier after being diluted in the last placement.
There has been no sale of shares.
Ann: Ceasing to be a substantial holder, page-8
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