Kiril,"In the past they would convert 100% of all lending...

Kiril,

"In the past they would convert 100% of all lending immediately and sell on market."

This is of course making money from existing shareholders. Like going to the hock-shop as a last resort... while the party (big salaries) continues.

Who can really be happy about it?

The company clearly lacks forward-planning ability, but that's been said before many times.

(I would buy back but not convinced that all is well, neither convinced about the quality of the services being sold - which affects repeat business and referrals).