AF said he wanted to be a portfolio company and that denotes...

AF said he wanted to be a portfolio company and that denotes having institutional backing, however, nowhere has he ever said that the entire top 20 of CRO should be made up by institutional backers. Nor has he indicated that those backers would or should remain constant. Portfolios are managed to make the best possible returns for clients, so they are fluid as each institution makes decisions on whether to buy, hold or sell a stock. Most companies would see significant changes in their top 20 over time. Once again, I feel you are looking for a problem where there isn't one, and while I applaud your attention to detail, I feel you are looking for a problem at every turn. Further, just for the record, I am no 'mug' investor as you put it- you can trust me on that- and I am across everything that's going on with them. If there were any real issues, I'd be on the phone to Adrian asking for a please explain, which I have done in the past. I am confident of the position CRO is currently in, I have no issues with the top 20, I could care less if Canary Capital has seen an opportunity to make a significant profit and sell themselves out of the top 20, but I also wouldn't be surprised if they had converted some of their options already, and were holding enough options to propel them back into the top 20 as soon as they are converted. After the merger I intend to do the same, which will make me a very significant holder, not the mug you'd like to think I am.