The last month? I would assume that all shares sold on Merkur in December were retail (and possibly collateral shares). It seems strange that any of the large long-time professionals would dump shares this late
Do we know the details on how the collateral shares work? I.e can it be that when SIAF has issued collateral shares, that they have been evenly distributed between Merkur and OTC? If so, then many of the shares from Loan 1&2 may not have been sold, but just kept on Merkur (i.e the reduction of shares on Merkur isn't necessarily shares bought back, but just shares returned).
Either way, it should be quite encouraging that the sharecount on Merkur is down (if this continues) since it is hard to see any other explanation to it than return of collateral shares (and then we'll see how many of them has to be bought back and what effect that has on the PPS).
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