Ann: Board Changes and Withdrawal of Section 203D Notice, page-16

Now that Merchant has a connection with a director, does that mean Merchant can only buy/sell shares in the small window after a financial result? Otherwise it'd be insider trading? In any case, I can't see Merchant wanting to buy more shares. They rounded up shares recently in the hope of utilising the 1PG cash as a vehicle for their own ventures. The Merchant Fund is now heavily weighted in 1PG, so it'd be further risk for them to add to their position.