why??, page-16

Timbo, ML have been selling steadily since June last yr. when they converted the first tranche of the 114M notes due them.

Prior to their last conversion, in round figures, they had exercised 90M and sold 87M of them (they already had 4.8M before their first conv).

So far they have exercised 105.266M of them, and no reason to suspect they won't finish off the last 9M.
Probably made a nice little profit on mkt, and will still need to get US$1.1M from NDO to settle the debt.

If the restrained sp has been due in large to their selling, it's no wonder we haven't seen a Form 604...they've never held enough at once to make them a substantial holder.
However, noticing what's going on sp wise with other oilers, I'm not sure ML is completely to blame here.

I wonder if they're going to let the last 9M ride on the success or otherwise of G1?