RE: Strong Position20 Nov 2025 08:49
It’s nothing to do with the convertible loan or TRs.
As part of the CL, Gilinni also got warrants at 1.4or 1.6p - they have an expiry date.
They cannot exercise such warrants with a direct purchase given the 29.9% current holding - they would go over wouldn’t they?
But as they are in the money, they want to profit from them before they lapse and we and the co want them exercised so the coffers benefit.
So they forward sell all or part of the number of shares they are entitled to ( on T+? ) tell the co to issue such shares and they are then used to settle the forward selling with proceeds of 1.40/1.6 going to the co and the rest to Gilinni
No TR, no loans converted
And Gilinni has part of the Jan cash obligation.
Summary. They sell x million they haven’t got, they ring up CL and tells him they are exercising and asks him to issue shares which are past on into the market for settlement - proceeds split as above .
NO CONVERSION/ NO TR .