any further views ?, page-6

As part of the restructure of the earn out payments last year, there were 263 million shares issued to the vendors of the various businesses bought by PGA over the years. This is a big overhang, and many of these are not natural shareholders.

These shares are being progressively released from escrow and 37.3 million were released from escrow in Mar-11. Another 36.8 million will be released in Sep-11, 31.8 million in Dec-11 and 51.3m in Sept-12. I would suspect that these shareholders are selling out.