Ze Germans have participated in tranche 2, snapping up over 2.5m shares but seeing their voting power diminish from 16.15% to 14.24%. If history is any indication we should see some more on-market buying from them directly to shore up their position. Perhaps they will be taking advantage of the discounts this time of year traditionally provides, before the PFS illustrates the profitability of the project at Ta Khao next month.
Ann: Change in substantial holding, page-2
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