The Bull recommendation, page-44

If you had done an analysis of previous CRs you might form the opposite view about what the latest "placement" means.
Here's a hint: The normal rules of assuming that shares have actually been placed to soph investors will put you in harm's way. Pershing will offload that 20M tranche into the open market over the next ~4-5 weeks. Another ~20M "placement" will also be required during this quarter, with sufficient time to also offload into the open market and bank the money before the EOQ books close-off.

Int'l Ni prices might increase and there might be a mild uplift in our SP due to that, but the continual and ongoing laundering of "placements" into the open market will continue to act as a real drag on our SP. Business as usual for POS, I'm afraid...

To be a prawn or a trawler deck-hand, that is the real question. (lol)