However, I would also not count out L1 Capital becoming a substantial holder in the company but that is after significant revenue is secured for XPED, probably in 3 months time. So they might hold off selling all of their converted shares next month to participate in the Bonus Options. With the profit they got from XPED so far, they might give something back by having a punt that the SP will be way above 2 cents in 6 months time.
L1 Capital Global Opportunites Master Fund, page-56
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