There is one thing we know for certain, Bells Is very interested...

There is one thing we know for certain, Bells Is very interested in ECS.

They have acquired 20mil options at 3.3c, 24 month expiry. They also manage the money for $4mil worth of ECS stock at 2.2c. This would indicate that Bells, completely within the law, would be able to buy on or off market these shares from their clients (or anyone invited to the Cap Raise) and get the price well above their strike price. It’s a relatively fool-proof way to acquire a very substantial holding for an exceptionally discounted price.

There would literally be no other way to acquire ~5-10% of ECS through the open market.

If correct, highly speculative and make your own mind up on it, this is what I believe could have happened. Completely legal, slimy and profitable for Sophs and Bells.

Have a look at VIT (Formerly CAU) after Bells put up a BUY rating on them in Sept-22. They were accumulating and trading at 58c, peaked around $1… They are now trading at 16c. I would not be surprised to see a similar story with ECS. Raise/Re-rate at 2.2c, pump it to 4-5c, retract right back to where we are now or below once the trading is done. Hopefully we still have a functional business by then, not just using a genuine business as a platform to turn a quick buck for you and your clients then dump it.