Member Info for chaka2026

You make some general points (though looks like it has been written by ChatGPT). You miss the main point though which is if the extension is past the lock in date that is de facto the same as a capital injection or debt pay off. I don't disagree that other factors like liquidity will affect the discount to NAV as we progress towards distribution of the shares to shareholders and a 100% value to NAV.

Not really the trust which own 2.4m odd WSHP shares has transferred 500,000 to Hotrocks in return for 29.9% of the equity of Hotrocks (maxmium it can take without breaching the takeover code) and a load of options and warrants which in total give it around 85% of the equity upside. Can't really read anything into the pricing. Just moving a few chess pieces. Prehaps they have a plan to use Hotrocks for something now it has a look through balance sheet of 500,000 WSHP shares and signifiacnt value. WCAP will not do anything like that as they want to distribute the shares to shareholders in 12 months time.

I believe that market makers have an exemption which allows them to only declare at 10%, if the holding is used for the purpose of their market making duties. PH bought the position for their own book, although as a market maker some of the declared holding will include shares held for market making purposes. Buying that size for their own book it unusual and I expect with the increase in price orders have come down from the bosses to take profits as a win irrespective of upside potential. The only way Aquis could get them to declare below 10% would be to challenge the exemption due to the nature of the holding, I can’t see them bothering. Either way at some stage it will be gone and price will rerate. With the other seller a total of over 30% has been aggresively dumped, I think that requires around 100-125% of the cap table to trade to allow that to flow through, so must be very close now.

That is correct