RE: A Fundamental Problem with the Volvo WHR System22 Jun 2021 13:18
From CRH letter 24 August 2020
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3. Lots of numbers. As at 30 June 2019, Mr. Gunn disclosed a holding of 439,696,246 shares.
On 25 November 2019, after the conversion of the majority of the Convertible Loan Notes
(“CLNs”) that had been issued in 2018, Mr. Gunn notified that his interest had increased by
142,857,142 shares. In fact, his notifiable shareholding (direct and indirect) should have
increased by 278,572,428 shares, comprising 142,857,142 direct shares from his CLNs
(received in lieu of £100,000 of personal fees) plus a further 135,714,286 indirect shares from
GIS’ CLNs (received in lieu of £95,000 of monies owed). But in fact Mr. Gunn’s new total
shareholding increased not by 142,857,142, nor by 278,572,428, but by 356,992,128 (to the
currently disclosed 796,687,374). Mr. Gunn’s new direct shareholding (582,553,388 shares)
tallies with previous disclosures (although some indirect shares have morphed into direct
shares) but (a) the conversion announcement did not mention any shares acquired by GIS,
and (b) GIS now apparently holds 78,419,700 more shares (equivalent to 2.7% of the
company) than it should have based on previous disclosures. Too many numbers perhaps,
but seemingly a lack of accurate Director Dealing disclosures. It would be especially
interesting to learn where the surplus 78,419,700 GIS shares have come from
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Note the questionable 78,419,700 shares in the above, closely matches the 78,569,746 shares 'bought' and transferred from GIS on 24th February 2021. I now think this was merely a tidying up exercise by John Gunn to correct the errors in the GIS holding. Further investigation needed.