Potential 20 Bagger, page-156

@morley summed up better than I could -

"Well looks like Robin Ormerod has not sold any more outside the window, other than transferring them between funds. So with sales of just 560k shares, he has really not sold down much at all from his convertible note proceeds. In fact, he has transferred some of them to the Superannuation fund he shares with his partner, therefore requiring her to file a change of directors interest if any of them are sold, which suggests even less intent to sell.

Therefore seems there may not be much overhang created by the convertible notes and possibly not too much to be feared from conversion of the remainder at some stage. However, it does confirm that he continues to believe the long term prospects of the company are a better bet than cash at 11% interest, particularly given that the terms of the note would currently prevent him selling more than 10% of the issued capital in any year, therefore taking him more than 2 years to sell down, even if sufficient buyers were found."