They aren't selling as they have sold all the shares they have to sell.Unlikely to have sold any warrants yet as they have a free ride & have probably made 20% + for their investors in a short period of time.Lets hope for a big week ahead !
Yes, I agree with your conclusion, and they can still convert the remainder at around 8.4 or 8.5p for the next 2 weeks, if they wish. I suspect they are hoping the buying pressure will build up in the next couple of weeks, to give them a firmer and higher price to sell into. A good RNS next week would really suit them, as well as us! If not a bit of aggressive selling in 2 weeks time should extend the time they have to convert more, and they're no worse off. So we have a lull for the time being.
although fixing cln price means no forward selling as what happened in first tranche. if the share price shoots up then cln fixed is again against shareholder interest. but as MB1 says of Mcap and share price shoot up we are likley to be doing very well and sign one small and probably in negs for the mega 201 deal.
the question if BOD will excerise just to reward B or they will finally look after PIs and leave the SP to go to orbit
Why the different approach for tranche 2? Well IMHO after the change to the agreement whereby they fixed the conversion price of the all CLN's with one tranche to the first conversion price, the motivation to keep the price down for further conversions has been removed, as the 7.9p conversion price and effecting warrant pricing is set.
I think we saw some forward selling, but they probably knew that the 15 VWAP was going to give them the floor price that they were after.
Good news is that Bracknor are now less motivated to aggressively sell as they seemed to do before. Although a big dip has certainly occurred since the tranche 2 announcement I think that was caused by faithful pi's that lost their patience.
So I'm slightly more positive on the Bracknor front, at least for the next 30 days.
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