Okay Annexure C has two loan agreements - I am not sure who is...

Okay Annexure C has two loan agreements - I am not sure who is the lender and who is the borrower - as i see it the long short fund and the Atlantic absolute fund must be lending the stock to credit S as its as a result of those two contracts that CS goes over 5%.

However if you add the entire string of transactions the CS holding exceeds the schedule so before the start of the schedule that is 14 October 2015 ( being 4 months ago) they had more stock - either borrowed or purchased in their own right. The difference before the 4 months ago story is just under 2 million shares to kick them over the 5%.

So they have been selling off and borrowing stock - but I read it as CS has been shorting on stock loaned from the two funds. So essentially these funds must have acquired the stocks in the Capital raisings ...

Maybe thats why the share has been weak ever since - As I read it we are in the eye of the storm and they have 8 million shares that they can short before they run out of ammunition.

That means to defend against it you need around $4 million if its going to go to 50c say. What surprised me is that there must be a number of investors who have stop losses on the stock and so the shorter plays into the game because they know that stock will be sold into the pot. If you are going to hold throughout the raid then I see nothing will impact PGC as they are not going to return to the market at this time. CS are going to make money as long as they can but stock back at lower prices and sell higher. Maybe thats why the stock has been cycling up and down. So for me I am going to be unhappy with the share price but once this has played out the company will have the same value or maybe even the share price will go to where it should be around 70c to 80c.

However how come CS are not disclosing their short sales to the ASX. On the shortman website under PGC there was on 30 September 2015 600,000 shorted but that cleared the next day. Since then there are a few minor amount thousands and they are all no longer there - so someone is not disclosing this short trading.

Am I wrong?