Latest Top 20

Thanks for sharing.

When comparing to the Top 20 in annual report of last year there has been little to no movement. If anything the Top 20 has tightened a bit.

Good sign.

The selling back down to current levels has been on low volumes and I would assume retail driven.

The only concern is if SP3 has to raise cheaply and we get diluted if we're not offered any of the placement. That was the difference with DTL. There was no chance of a cap raise as they were cash flow positive when they were $4.5M valuation. That was the no brainer of a lifetime. 

I'll be annoyed if SP3 through PAC do raise cheaply but I would imagine any raise would also be offered to everyone ("IF" they raise cheaply).