I would doubt that every single sell has been Perennial Value...

I would doubt that every single sell has been Perennial Value Management Limited. I do think the larger sell orders are them.

My guess would be Perennial may have 35-45million shares left which is a few more than 20million.

I agree that the SPP is now killed off. Cannot see people subscribing for shares at a premium. 1.6 to 1.4 is a 14% premium.

NUH also subscribed to a Convertible Note for $3million. While the company highlighted the 6c conversion in the first month, however in reality the conversion is a discount to a VWAP. If these guys sell as well, then the NUH share price will be contained for a while.