Broker Data, page-357

Tranche 2 purchases settle on the 31st. Anyone selling tranche 1 to fund tranche 2 needs to sell by Monday for that sell to settle in time to fund Tranche1. I doubt too many would have waited for the last day to sell but my guess is that the sp will begin to rally after Monday. Unlike most cr's, with this cr, all tranche 2 participants already held shares before being allocated tranche 2 shares so anyone that wanted to take a profit could have done so before receiving tranche 2 shares. I think most of the combined tranche 1 and 2 selling is already over as I think a much larger proportion of tranche 1 would have been sold (with a need to fund tranche 2) than what will be sold from tranche 2 where participants don't have as pressing a need to sell and may be more inclined to hold their tranche 2 for the DFS and/or further news to come ahead of production next year. It will be September in a week and production next year is getting closer all the time. What I consider an inevitable sp rerate is going to be squeezed into a narrowing time frame ahead of first production. So when it starts, it should be a big rally with smaller corrections than we have had this year. Im looking forward to it and I don't think we will need much more patience for it.