Ann: 2018 Annual Report to shareholders, page-9

Iroth
Small punters sell and the larger insiders mop them up. I doubt there are any T/O games being played as there are several blocking stakes in the top 20. I think the project will get financed and built, and there are several ways to deal with equity component. The NST loan was advanced to avoid dilution at this stage. Could there be some financing options contingent on the DFS that are still being sorted out?

Also, it's likely, with NST on top of the register, that most of the equity will be via an entitlements issue and the insto's will need to be on the register to gain a meaningful exposure. Things can move forward wit the DFS.