Yesterday a Substantial Product Holder notice was filled by the Trouchet Family detailing the sale of nearly 2 million shares on 20 March. The Trouchet’s were the founders of Apollo and received 28.7 million THL shares as part of the merger. The agreed escrow restrictions were that they had to keep 90% of shares until 30 November 2023 and 50% of the shares until 30 November 2024 (unless THL agreed to waive). With a sell down now having commenced, there is a significant overhang of shares which will undermine the THL share price until the sell down is completed (noting it will take time given the 50% restriction until 30 November 2024) or there is some explicit statement from the Trouchet’s that they are committed long term holders for their remaining shareholding.