There's also the possibility that they took the opportunity to maintain control of the company. Top shareholder in the June 2020 annual report is Scion HDG (Chilean company) who was invested from the beginnning.
He took the opportunity to buy up 10 and half mill in the June 2020 raise, placing him as the top shareholder, and looks to have picked up another 8 mill in the December 2020 raise which would have seen him hold his placing.
The performance shares leave Geoff now with a fully controlling interest of 11.5% I'm no expert but I imagine if anything was going to prevent a takeover that would do it.
TSO Price at posting:
8.1¢ Sentiment: Buy Disclosure: Held
