Ann: Ceasing to be a substantial holder, page-50

Sometimes I think the Canadians pulled out once they were aware of the unusual goings on of the First Cape shares. Perhaps the shorter approached them?? We will never really know all the machinations that went on over that period.

I always thought the Canadians tried to renegotiate because the terms at second glance were not usury enough for them. Forty eight months @ a coupon rate of 10% BUT minimum conversion price 0f 15 cents. They still kept all the cash deposits (and more) which ADO paid them.
There was a great desperation to get finance when they pulled the pin and some recalcitrant sub-underwrites had not coughed on time. Longer lead time to settle in a C.R. may be required (watch for a good news week coming to you soon)

Usury : the practice of making unethical or immoral monetary loans that unfairly enrich the lender.