Hey SJ, mate she is a pickle to pull apart allright but here is...

Hey SJ, mate she is a pickle to pull apart allright but here is the play as I see it..

Antilles draws on the first note and for a month not a lot happens only a bit of SP drift..



Noting Patras who got issues 40mil only come on the register as of the day this snapshot was taken with 30mil of them so 10 have gone walking already between issue and the 19th Mar. 20 Mar they sold 2'775'000 and then by the 15th of April they'd offloaded another 18mil.



The 40mil that were issued as security came on the register on the 4th of the 3rd and by the release of the qtrly Patras had offloaded 20mil already which isn't exactly in the spirit of converting as it is tabled.



However all didn't break loose until the second note got drawn down and we had the ARB notification



The Notes were drawn up with a notional value equaling 1.5c per note ergo the 66'666'667 figure is the $1m value divided by the notional price.

Now the 66mil issued each time as notes don't show on the register however the shares issued as security certainly do and in that sense Patras received 40 +15 +27 million shares. Then on 30 April the ARB news dropped, along with the SP to .013c which breached the floor of 0.015 and Patras started converting at will because the SP was below 0.015c (The notional value the con note was originally drawn up for).. It was their floor not Antilles and below that they could convert at will and at the prevailing price less 10% whenever they chose to..


Patras Holding T20 Snapshots


And boy didn't they throw some shares around in May to keep the SP underwater.. 196m vol through the gate in May.. Basically 10 x av vol & 5 x Mar/April Vol. I have them offloading about 116mil shares up to the 29th of May 2024..


So the security shares which were issued in case of default by Antilles were then used to club Antilles around the head until such time as they effectively defaulted allowing Patras to convert at will and with a discount (or profit margin you could say as the sold at will) leaving the SP resembling the Kursk..

It's all a little bit Lock Stock & Two Smoking Barrels and you would not go round Patras place for a game of cards I'll tell you that.. H8tey