Now the flaggings I was expecting have arrived, though slightly late in HCM’s case. Acme appears to have continued selling shares after the previous flagging, when taking the 2 million share subscription commitment into account. Syrjälä’s personal holding increased nominally, but they didn’t participate in the offering very aggressively.
HCM flagged twice today: first for the shares received through the guarantee in the offering, and then immediately after for the shares received as repayment of the convertible bond. After the latter flagging, the direct holding rose to slightly over 10%, which means the next flagging will occur quite quickly if they are selling shares.
There are various interpretations above regarding HCM’s ownership and also the future. In today’s flaggings, a minimum amount has been reported for how many shares are expected against those convertible bonds. HCM can also convert its holdings into shares at a price of €0.5 whenever it wants; it doesn’t need to wait for the scheduled repayment.
The maximum conversion price for HCM’s first loan tranche was ~€2.94 and now it is €0.5. The final conversion price for those convertible bonds could even be €0.1; currently, the known maximum is €0.5.