Fair point, the RNS confirms they sold their full 15% position. I was wrong to dismiss that.
But context matters. YA II PN wasn't a normal investor. They were a lender who got paid back in shares, then dumped those shares into the market. That's what caused months of selling pressure.
And they weren't alone. The May RNS shows secured lenders converted debt into over 5.5 billion new shares just weeks ago. Total shares in issue: 25 billion.
That's not one overhang clearing. That's a structure built on debt conversions.
YA II PN was visible because they crossed the 3% disclosure threshold. The rest can sell in silence.
Drill results still settle everything else.
#FORG