RE: This could all be part of the CLN Restructure17 Mar 2026 13:28
Hopefully Blake yes!!
The CLN has already been renegotiated once before, so it is hardly a stretch to think it could be renegotiated again.
The market already knows the original terms were amended, with the conversion price cut from 8p to 2.5p and the face value reset to £4.6m. The latest interims then showed the CLN balance at about US$9.842m as at 30/09/25. So this already been reworked.
That is why the recent chunky daily sells stand out. If the last disclosed conversion price is still 2.5p, then converting on those terms just to sell into a market trading at a tiny fraction of that level makes little obvious sense. Which is why, if these sells are CLN linked, the more logical explanation is further adjustment behind the scenes, whether by way of a lower effective conversion price, a broader restructure, or another negotiated solution.
And do not forget the capital reorganisation. EME moved from 0.2p shares to 0.01p shares, which gives the company much greater flexibility to issue stock at far lower levels than before. So while there is no public confirmation that 2.5p has been reduced again, the structure is now there for a renegotiation down to levels much closer to the current market price if that is what was needed to get a deal done.
For me, that is a more plausible explanation for the repeated chunky sells than random retail churn. And if an RNS lands on a restructure, conversion, admission of shares or a TR-1 showing where stock has moved, I think the market could take that better than some expect. Not because dilution is good in itself, but because clarity on the source, scale and endpoint of the overhang is usually the first step to removing it.
GLA
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