Ann: Change in substantial holding, page-5

Hi Wassa,
well... it does seem a little too coincidental that the MoM team hear rumors' about PNR in a potential deal with WGX... and we have L1 selling down...
Had to go back to remind myself how L1 got onto the register (basically all in 1 go!) They got $45m worth at $0.08 in the big raising back in May 2024, then the rest around $0.085-0.09. What made them so confident.... to fill almost half the entire raisings.... read on....


then everything since (released above)


Clearly they are happy enough making a 50% return in just 4-5 months.... and as you hypothesize, happy enough to enable a potential acquirer a starting piece of the pie so to speak.

L1 = before the WGX/Karora merger, they held 15.25% of WGX



As far as I can tell, since they, they have not sold a single share.... which looks about right, as WGX shareholders now own 50.1% of the merged entity.
Though if you look bellow, its tricky to work out which registered holder of the shares (securities) actually holds L1s shares.... So the $250m worth of WGX shares... is massive compared to their holding in PNR (all the more so now that they have sold approx. $21m worth.



The register has always been weak.... with the Tulla brothers the only truly independent major holder. After over 10 years of the MD running PNR... perhaps a few big holders have finally decided that the assets could be run a lot better by a different company (plus... if PNR gets swallowed up, they will have a lot more liquidity to exit their positions).



So... we have one of WGX biggest holders... selling over 1/4 of their holding in PNR.... hmmm.

Hopefully the MoM team have some fun and properly discuss it... they do like rabbit holes.