Hi guys, I was quite curious regarding the amount of NDO shares...

Hi guys, I was quite curious regarding the amount of NDO shares ML sold during the month of June 2010 and I did a bit of research about it.

ML's shares on 31 March 2010: 4,844,918 shares (based on quarterly report)

Shares received on conversion on 9 June 2010: 15,247,621 shares

Shares received on conversion on 16 June 2010: 14,595,983 shares

ML's shares on 30 June 2010: 30,578,970 shares (based on the amended quarterly report)

Simple calculation: 4,844,918+15,247,621+14,595,983-30,578,970 = 4,109,552

Hence, it can be seen than ML only sold 4,109,552 shares during the period from 1st April 2010 to 30 June 2010. With 30,578,970 shares on hand plus another 26,891,943 shares received today will give them a net gross of 57,470,913 shares. Current NDO total fully paid shares are 1,107,550,321 shares. If ML did not sell any shares, they will hold about 5.18% which the next announcement will be initial substantial holder.

Food for thoughts:
So, why did ML did not sell as much as they could in the month of June 2010 when the NDO shares were at their yearly high? Why do they want to exercise their conversion rights now when the AUD/USD rate is not in their favour (they actually get less shares per US$1m bonds converted)Could it be something they know while the rest of the investors are unclear of?