The 3% flagging threshold is the lowest disclosure threshold. Any changes occurring after that do not need to be disclosed. It is entirely possible that Pentwater sold off their shares after the 3% disclosure. However, there will never be any flagging notification or any other announcement regarding that. 3% of Faron’s shares is under 7 million shares. Since early September, (as a rough estimate) around 40 million shares have traded hands. Thus, Pentwater’s sales would at most explain these sales to a relatively small extent.
Personally, I’m now waiting with the greatest interest to see the size of HCM’s holdings. They are set to receive repayment shares again in less than a month, so they need to make room for them (unless they have already done so), but what interests me most is whether they have sold more than necessary. Hopefully. Of course, they most likely haven’t sold much more than 8 million shares either, as no disclosure for dropping below 5% has been issued.