Its that pesky convertible note, another 10.7m shares issued at 3c odd, and him funding it by selling half his new shares to someone at 11.7c. So the end result is $140k profit and another 5m shares for free. Still 30m odd shares to be absorbed by this thing, I think PEH will struggle until this overhang is gone. I guess a massive profit upgrade would do the trick.....
Ann: Change in substantial holding, page-3
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