As of 8 Ocotober 2014 Acorn held 38,235,207 Intrepid shares. Record date was 16 October. I guess they have also been scaled back at 81.5% regarding buy back offer.
According to the announcement today they have sold 33,460,649 shares between 21 November and today.
So in the worst case they have another 4'774'558 to sell (38'235'207-33'460'649) or they have already sold everything (38.2m shares x 81.5% = 31'161'693 - 33'460'649 = minus 2'298'955).
However....if they have sold BTR for what reason ever it's also obvious that the sell Intrepid which at the end is Kitumba + cash.
We will see what will happen after the 11 December. As a former BTR holder it would not be so smart to sell at these levels. At least this is my view.
Ann: Ceasing to be a substantial holder, page-5
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