Ann: Notice of Annual General Meeting/Proxy Form, page-17

The selling has been Patras Capital to curate their VWAP price and the 10% discount available to them under the Terms of the Convertible Notes.

They had 30 million shares soon after the 40 million was announced, which had consistently been dwindling down in accordance with that image in my first post (above) to the point where as of the 15th of April, Patras held just over 9m shares, and BNP Parabis <IB Aus Noms> had increased by 15 million shares over the same time, not all of the sold shares but a fair swag of them.

And then this morning as per the other announcement, they opted for another 15 million shares to be converted at the 1.8cents lockign in their 10% discount.

So there's a few possibilities the way I am thinking about it:

1). Patras are selling to themselves to gain the desired VWAP for the next qty of shares they want to opt in for and achieveing free carry on the parcel they're wishing to retain along the way.

or

2). it's a psuedo Cap Rasise in effect if the buyers on BNP Parabis <IB Aus Noms> - which stands for the Custodiall Holders on behalf of Interactive Brokers Australia (as far as I understand) have impeccible timing and went to the sidelines before the Convertible Note was announced and they're now chipping away there at the Buy side knowing that Patras will come to them to lock in the 10% discount and it's a discount on a lower VWAP if Patras does infact come to them too btw.

or

A combination of (1) and (2)

The absence of an escrow condition over the shares opted for by Patras is the shittest part of it all IMO (or one of the shittest parts I should say)

Just my opinions on the possibiilities that is, the only things I actually know is that Patras sold down to approx 9m shares (from 40m in early March) as of the 15th of April and BNP Parabis <IN AUS Noms> went up by 15 million shares in the same time.

Form your own opinions I guess, but they're mine.