HR,
There is definitely some ducking and diving going on.
Some people are happy to accumulate in the forties whilst others are happy to offload to convert in this price range.
Note that IRC are not listed amongst the top 20 option holders (see Annual Report) but they are number 3 shareholder.
We may well get a few announcements between now and 30 June, they usually provide a liquidity opportunity.
If this is de-risked with pumping data then it will be way undervalued in the mid forties.
Finally there are 2000000 Azure 45 cent options expiring in mid October.
Ann: Change of Director's Interest Notice (CM)-RWD.AX, page-8
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