That being so, the Fund should be close to the end of its...

That being so, the Fund should be close to the end of its current selling, as Global X's PEN holdings now make up 1.674% of the Fund's net assets and its short term target would be to match the Solactive transition index, which I understand is composed of 1.658% of PEN shares.

The big issue is whether Blackrock intends to sell more shares and, more importantly, where discussions are at with the convertible note holders in respect of the facilities that mature on 22 April. If there is going to be a conversion/part conversion of the loan into equity, or even a restructure of the terms of the facilities, over the coming weeks then this recent free-fall in the share price is completely explained, as any new conversion price under any restructure will likely take place at this low 20s range, or about 40% lower than where we were trading around 2 months ago. A fantastic outcome for the note holders.

Surely PEN would be smart to use half or more of the $19m it received last month to retire a large portion of the convertible facility and work out some refinance in respect of the balance. Perhaps that is what they are doing and news is just leaking out. If information is leaking, then an update to all shareholders would be good.