The 19.9% limitation on LFB’s ownership could be changed as one of the terms of a new deal, and hence we cannot rule out a new deal with LFB, specifically.
Whether a pending deal is with LFB or with another party, LFB’s conversion of preferred shares is needed in order for GTC to issue new preferred shares. So if this is indeed the reason for LFB’s conversion, at a minimum LFB has been briefed on the new deal and is cooperating.
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