EUR and CLE are essentially sister companies. EUR loaned money...

EUR and CLE are essentially sister companies. EUR loaned money to CLE and converted the loan to shares. It is now the largest shareholder of CLE.
CLE is the largest shareholder of EUR. CLE had a convertible note with the EUR shares as collateral. CLE needs to cash up the EUR shares to continue. Several things are at play here and it is a case of what can be done and when. CLE is all that stands in front of EUR being an easy takeover target. Something big is in the wings. This big play needs a bit of time now that the expect sudden rise in EUR shares has not occurred. The last thing that EUR needs is CLE selling there EUR because they have too or because the convertible note holder plays hardball.