RE: TR1s selling since revenues update8 Jul 2025 15:01
Apologies you guys are correct these TR1 explained
🧾 What is Dilution vs. Sale?
• A sale triggers TR‑1 when someone’s stake drops because they sold shares.
• Dilution, on the other hand, occurs when the company issues more shares, increasing the total share count and automatically reducing each existing holder’s percentage—even if their share count hasn’t changed   .
In our case, the insiders did not sell any stock. Their percentage dipped because PR1 likely issued new shares—perhaps for fundraising, an option scheme, or another corporate action.
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🔍 Why TR‑1 Was Triggered
1. PR‑1 issued additional shares, raising the denominator in the voting rights equation.
2. Consequently, while Xerri and Cowley hold the same absolute number of shares, their vote-weighted percentage dropped below 3%.
3. This automatically crosses the regulatory threshold, mandating a TR‑1 “holding in company” update—similar to an insider sale notification ().
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âś… What This Means for the Company
• It’s not a concern about insider confidence or liquidity—since no shares were sold.
• Instead, it suggests corporate activity (e.g., raising funds, rewarding employees, executing a share plan).
• Dilution is common, especially during capital raises, IPOs, acquisitions, or equity-based compensation ().
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🧾 Summary:
• ✅ Not insider selling—no monetary exit.
• 📉 Just a
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