So the way the lenders will avoid a hit to their reputation is to not return the shares? Or are you saying that they have not sold? Or that SIAF has breached the terms while stating that they haven't and also saying that they would have to inform us if they had?
It seems more reasonable to believe that one or more of the market makers have sold some of their collateral shares to hedge the loan and are unaware that they are the ones depressing the PPS (combined with delays) and the upcoming triggers.
Unless there are collateral shares on Merkur, then we know that there are millions of shares missing on OTC - either collateral shares have been sold, or someone is naked shorting.
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