Ann: Notification regarding unquoted securities - HMD, page-8

Its not for you to say why people should and should not be holding.

I get it. Small volume moves the SP materially. I have made similar comments to people who love to show TA on illiquid stocks.

And someone could have sold for any reason, including many that have nothing to do with HMD.

It is probably more likely that someone bought in anticipation of a positive announcement this week then sold because it didn't arrive. There are many attractive places to put your money right now and we have finite and scarce resources to deploy.

There is a principle at play here and a message being sent to the market.

We want this new guy, ostensibly here to bring significant sales for the company and thus raise the share price, to have these shares so bad that we will price his options at our current share price by 2027. Four years' time.

I mean, I feel like not long ago I bought into a CR at 21 cents. Or did I imagine that.