From the 1st AGM, dilution was always on the cards. If you look thru some of the old post, I was actually pretty against it especially it being tied to VWAP SP. However, I'm totally fine with it now. End of day, Pivacs are still substantial holders. What has changed are the CR as pointed from CAT, various investments/funds. HH/SOL/Regal is mostly gone now. Just have to be patient for that HX to roll out.
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Ann: Change in substantial holding, page-7
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