TFA are not allowed to sell any shares placed to them for 12...

TFA are not allowed to sell any shares placed to them for 12 months after their issue. These shares they are buying on market could be either used to increase their exposure to FWL or traded to reduce their exposure to FWL. TFA will control 66.7% of the Yogi jv, so acquiring a larger percentage than what they are expected to hold after the placements and option exercise is not going to be of much benefit to TFA IMHO. I suspect the govt would not allow a take over by TFA for FWL. Add to this the fact that TFA chose not to jv the pellets plant leaves me to conclude that TFA may trade these shares to reduce their dollar value exposure to FWL. Very happy if I'm proved wrong but we should know when FWL' share price gets above 20c. Happy to hear anyone elses point of view.