MZI illusion - RCF dilution, page-2

This is often the situation when there is a major shareholder holding 50% plus. In RCF's court I would say that they have supported MZI through thick and thin. The shares that RCF get in lieu of cash for interest it is around the current shareprice. RCF haven't sold any shares, so you can say its other shareholders who have sold that have depressed the share price.
Just be thankful that the major shareholder isn't a Chinese company, otherwise there would be even less arms length transactions.