RE: Warrants5 Feb 2024 08:33
The thought behind it being a market maker holding the warrants is along the line of;
The warrants were issued as part of the fund raising last year. So the company raise an amount of cash up front, but don’t get the cash for the warrants till they’re exercised.
Typically this would be out of the companies control as to when it happens, but if they are held by a MM, there could be an agreement that they can be exercised at the company’s request as and when they needed the money.
So Peel (or another MM) hold the warrants and are exempt from notification.
NFX tell them when they need the monies released.
The MM then forward sells into the market, raising the cash to give to the company.
The warrants are later exercised and the MM has the shares to hand again without having to declare a holding.