It has been clear from the beginning that part of the c shares would go towards day to day funding as they were low on cash. There is no surprise here. No feigned disappointment.
I cannot for the life of me imagine the market has concluded from the creation of the Cs they wil be dumping 250 million in common on the market. There will be no serious buyer for that number without any reported goals achieved. I really believe the chunk of the Cs are for a professional investor with deep pockets at higher SP. Question is what are they planning todo with the proceeds of the selling of the Cs. I do not believe it’s for Direct as asserted by Les.
But boy ooh boy what incredibly bad timing to create 250 million common in Cs. Theses Cs are now hovering above an almost empty market. They are beyond stupid or don’t give a F or both