Ann: Appendix 3Y - Paul Benhaim, page-2

It looks like@HempCFO was correct after all.

Paul Benhaim has sold down 7.1m Shares.

He has also put a further 17M shares in a stock-based lending facility called Equities First who are allowed to sell the shares if the share price drops below a certain critical threshold.

This does mean that these 17M shares (around 9% of the register) can be dumped by Equities First should the share price fall below a certain LVR (I would say that critical threshold is probably around 80% LVR).

Based on my quick calculations, this critical share price is around 12.5c.

If the stock price falls below 12.5c, this will cause a monumental fall as the lender will do a huge on-market share dump

(The calcs were based on an LVR of 63% of 17m shares to give PB $1.6M in cash with the critical trigger threshold being 80% LVR, which if exceeded would cause the "margin call" and the stock dump)