My guess is Morgan's didn't want to outlay over $1M to exercise the options when they knew they'd probably have to hold them until we see a ramp up in profitability. Offloading 25M shares without moving the share price would take at least a couple months with current liquidity. Morgan's research team and their investment team should also be separated so it's entirely reasonable that their research team values it at 16c but their investment team can't fit it into any of their funds mandates, it is a small-cap miner with low liquidity after all. The 5M of options correlates with the increased selling during March, whoever had those options has clearly sold and used those proceeds to exercise on the 19th before expiry, a nice little 15% taken off the table for the same exposure.
EQR Price at posting:
4.9¢ Sentiment: Buy Disclosure: Held
