I confess, that did surprise me as well, but be careful, you need to understand how it works.
Conversion of the toxic notes is a 2 stage process.
1) notes in default convert into new shares. These are mostly at a 50% discount. The OS goes up more or less as soon as they convert.
2) they sell those shares into to retail buyers, which is when they show up in the volume.
Over the last month, the volume had huge note selling (step 2) and the PPS drops as a result. What the OS tells us is they did not convert anything ( step 1 )
It is unusual for them to hang onto the shares for long, ( the month they did is highly unusual). Normally they convert / sell within a few days. As such seeing high volume is normally also associated with the actual dilution.
I also notice they cleared a lot of the old notes, and took out a LOAD of new ones. The next Fin will show what’s ready for conversion + the interest / discounts applied.
The clearance of the old notes maybe linked with that clear down / repurchase.
Be in no doubt OZSC is a toxic mess.
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