Ann: PFS delivers for Langer Heinrich - Presentation, page-69

Blue Bay Asset Management is the Royal Bank of Canada - a PDN debt holder. As of the 2019 Annual Report (data current as of 6 Aug 2019) RBC held ~95m shares (5.9% of SOI)

Until recently, they had been selling their remaining holding at a slow trickle. As of the September Equity Raising Presentation (data current as of ????) RBC held 5.7% of SOI - a reduction of only 190,000 shares over the prior four (???) week period.

Have they put their foot on the pedal again? And if so, how many shares do they still have to offload? Based on 27 Sep broker data, a mystery seller dumped 10.2m shares in the prior week via FinEx. It seems logical to me this seller is RBC (as the other major shareholders have either increased or retained their holdings)

Assuming RBC selling remained constant between 6 Aug and 20 Sep, and the rate of selling via Finex remained constant between 27 Sep and 17 Oct, I estimate RBC still has 55m shares to sell. At this rate, the selling should be exhausted by mid-Nov