Trilogy International Partners Inc T.TRL.WT.A

RE:ACQUISITION

[LTOWNER]

Noday,  Ihnatowycz, who was also one of the early investors in Biovail, bought 18.75 million shares at $0.80 in the last financing, April '13.  This brought his total holding to 21,752,500 shares after the financing, indicating he owned approx.  3 million shares before the financing.  We do not know when or at what price he purchased his first 3 million shares. 
 
Then in December '13 Ihnatowycz purchased another 6.6 million shares at $0.33 bringing his total to 29,452,500 shares or 19.86% of outstanding shares.   Good question as to where these shares came from.  If it was one of the insiders, it would have to have been reported.  I thought the shares may have come from Investors Group which held 5% in 2013, but on the February 2014 Corporate Presentation this holding is still intact.  There may have been one or more funds wishing to get the Trimel loss off the balance sheet(s) before the end of the year so their investors would not see it.  Alternately one or more fund managers may have moved on and their replacement(s) may not have been interested in the Trimel investment – this happens all the time also.  Or the shares could have come from the RBC /GPM overallotment and were sold for whatever reason.  Investors may grouse about the transaction at $0.33, but I suspect Ihnatowycz saved the stock from a 6.6 million share selling overhang that could have driven the price down further.  And since that trade, the price has moved up.