Hi all, maybe this summary will help:- Alceon have sold 2.5...

Hi all, maybe this summary will help:
- Alceon have sold 2.5 million of ordinary shares at 0.17c (making them cease to be a substantial holder of ordinary shares)
- at the same time they have funded the 2 mill of convertible preference shares at 0.13c.
- they the sold to as yet unnamed ‘global institutionalised investor’
- this is why they are no longer a substantial holder of ordinary shares, but instead have a larger holding (2 mil x 0.13 shares = 15,384,616 shares. 15,384,616 X 0.17 = ~$2.6+ million
- therefore Alceon have simultaneously made a profit (from the sale of ordinary shares - purchase of convertible shares), whilst at the same time as increasing their holdings (due to buying at 0.13 with an instantaneous value increase to 0.17) AND they have not increased their risk by dramatically increasing their exposure and forking out $2 mil of their own cash.

hope that helps! Their move makes a lot of sense, the interesting thing will be who they sold their shares to at 17c which shows the international investor is at least confident in their investment (as it isn’t significantly discounted)