On 31 March 2019, 10m shares (~16% of quoted shares in issue) largely belonging to two of the group’s biggest seed investors, came out of voluntary escrow; WBT’s share price hit a low of 36c. Our understanding is that, over the past two months, the 10m tranche of escrowed shares has been successfully transferred to new shareholders. We believe the removal of a significant market overhang helped support a rise in the share price to a 78.5c high on 1 May 2019.