Decent update. I think this year will be a big turning point for the company. Cash position is better than expected and when the company needs to raise funds I'm confident Martin Diggle will help secure good terms for shareholders
I reckon the share price was trading at around 13p when the MM took the shares for 11p so a discount of 15 to 20% was a good deal for the MM. It appears that they have been sold now for a decent profit and explains the recent share price weakness.
I don't think there's much loose stock left from that big sale this week as I can currently sell 250k at I've 11p. When the MMs are long it is usually difficult to sell this amount unless you're prepared to take a big hit. Also the print of the trade is usually delayed until the MM has had a chance to sell on the shares it has taken.
As far as I'm aware the administrators of SVS haven't started distributing assets yet so that's not likely to be the source of the selling. Warrants are at 12.5p so the share price needs to be higher than that before they can be sold and exercised. The loan notes are now convertible at 10p (since the end of December) so this is a possible source of share sales.
The shares opened at around $2.67 and closed at $2.24 so looks like we will go lower today. Perhaps institutions were selling into liquidity caused by the news release? Also the company said in the accounts that it needs to raise funds as it only has enough cash to last until the second quarter of 2020.
I think there are 2 big issues. The high cashburn - it burnt through £27.63 million in six months and the company said in the last accounts it will have to raise funds soon. Also Invesco was selling down its holding, see the recent holdings RNS. It still owns around 20% of the company and are likely to sell into today's liquidity.