As far as I know, the shares had no lock up period so yes, it would stand to reason that the selling pressure is Bellini unwinding it's position and cashing out.
It's interesting to note that the 5.8 million shares, once worth around $32 million would now be worth around $12 million if they're still being held. Now, let's remember that NEP has a $10 million buyback in place. Essentially, 8 months later, NEP is saving around $18-19 million in this deal by issuing shares instead of paying cash for the new oil field.
This is either absolute genious on the part of management or, and I'm just speculating here, management is moving stock to the offshore British Virgin Islands company and then cashing it in at basically no dilution to shareholders. I'd love to know who the "stockholders" in Bellini Management are. I wouldn't be surprised to find some names we recognize. However, since this move is working to our long term advantage, I'm not complaining here.
