Ann: Quarterly Report to 31 March 2018, page-103

Yes, that's very close what I meant. It took me a while to figure it out, but over time I have pieced the evidence together (previously posted in detail on this thread) to form the view that Pershing don't actually 'place' any new shares to sophs, as per what we would normally expect. Instead, they feed (launder) them into the secondary (ASX) market through normal on-market trading activities. Whilst there is no legal impediment to stop management from issuing shares during suspension (as long as they remember the accompanying cleansing notices) the mechanism that they employ to raise capital is currently stymied in practical terms due to no secondary market trading.

I think this whole arrangement is a by-product of the market's lost confidence of POS management in recent years and also a generally poor sentiment held towards Ni miners. When the "sophs well" dried up management and Pershing developed this novel means of tapping equity markets. It makes me smile that MR likes to make a passing mention of this in the quarterlies, like it's added value in some way. I guess it's kept the doors open, which is better than the alternative...