permit to mine, page-34

My understanding of the state of play is that Citicorp have "borrowed" the stock so can sell it off at will with no need to report to the ASX. As the "owner" being the substantial holder still has the initial interest in the stock and officially hasn't "sold" the stock, PALA only "loaned" the stock to Citicorp. Citicorp and PALA have no obligation to report this selling/trading activity as a normal substantial holder would.

Eventually Citicorp must give the stock back to PALA and pay PALA a loan fee. This means Citicorp can buy back the stock far cheaper tham they sold it for at a tidy profit and then give them back to PALA.

Standard stock lending agreement. Also widely known as a CFD or Contract For a Difference.

Although none of this is illegal, in fact condoned by ASX amd ASIC rulings. It is damn frustrating and just another aspect that creates a market that excludes openess and is to the detriment of retail holders.

M