Ann: Change in substantial holding , page-9

the way i read it is that they sold all of their tranche 1 shares (235m pre consol - so 23.5m post) and a small number of their tranche 2 shares (2.4m - making the total sold 25.9m) so they could get 10.8m free shares.

Sold out at an average of 29.5c.

Essentially if their shares were currently in escrow (presuming that the price wasn't pushed down and they didn't get free shares) they would own about 50m shares (13-14%?). but they own 36m (9.5%) instead for $12.5m instead of $20m!