From recollection, the SP was around 1.7c at the time, an Ann was issued, the SP went to 2.4c - 2.5c from recollection. So yes they could have sold at the high and made money after that Ann, which would become a real problem. If they didn't make money, or sold at 1.7c, more easily explainable. Hence the theory I have. All IMO.
case adjourned ---latest, page-185
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