They are the counterparty on Cliff Head, the subject of the sale and transfer of ownership.
It's impossible to speculate, however I'll have a crack:
Likely Scenario Given that a) Lingo has not exercised the ATM facility and b) there have been two recent raises specifically for the purpose of completing Cliff Head transfer, it is likely payment has has been made today. I expect the transfer of ownership and liability creates a material disclosure event, hence the trading halt. (50% chance)
Optimistic Scenario Its also possible that they've had all their ducks line up for a binding agreement to be immediately executed on transfer of ownership. Perhaps that will happen over the weekend, but I think unlikely given how slow big Korean companies are. (25% chance)
Pessimistic Scenario Cliff Head has kept bleeding money and Lingo (more specifically his CFO) has not adequately budgeted for this and the Cliff Head acquisition. If this were the case I expect us sophisticated investors would have already received another cap raise invitation by now. Unless of course Columbus & Co are cooking up another convertible note. (25% chance)
But it doesn't matter anyway, as we can't trade till next week.
GLTAH
PGY Price at posting:
1.5¢ Sentiment: Buy Disclosure: Held
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