[Florence]

Originally Posted by Dephormation

This seems very weird to me; if I read it correctly [noting comments above]

They are moving shares from the "unrestricted line, trading under PHRX, to the Reg S line trading under PHRM".

Ie, Moving shares from the unrestricted line that can be traded without Regulation S restriction, to Regulation S line which cannot be sold to US investors.

Why would they do that? Is it somehow easier to trade as Regulation S shares? Is this associated with the £0.5M shares sold yesterday?

Regulation S has a very poor reputation. I'd have thought you'd want to avoid being associated with Regulation S share trading as far as you possibly could.

Or perhaps that's why I'm in IT not share trading.

Ahh. In general terms, if you were a US company and wanted to flog stock off to people outside USA who would then have no comeback under Regulation S, you'd (presumeably) transfer the stock from unrestricted to restricted, then flog it? [noting I know nothing about share trading]

Why does reading the page you linked to not suprise me knowing who is incharge of phorm..

We offer this disturbing thought. The federal securities laws, the very rules that were calculated to discourage deception and protect investors, provide a pair of mechanisms that fuel fraudulent stock schemes. Or, to put it slightly differently, securities laws that are designed to foster transparency and disclosure instead protect silence and deception.

One fundamental precept underlies our federal securities laws - investors must be given access to material information about public companies and the people who run and control them. Yet two federal regulations not only ignore that mandate but tolerate secrecy.

What are these tools that can be used to distribute stock clandestinely to the four corners of the globe, conceal identities, launder funds, and defraud investors? They are every con artist's dream and every law enforcement official's nightmare - and they share a common root, the letter "S." They are Regulation S, which allows U.S. public companies to sell stock overseas without registration, and Form S-8, which enables companies to register shares instantly.

When they were first enacted, these two regulations were relatively benign, but promoters and manipulators have discovered ways to utilize both Regulation S and Form S-8 to further illicit schemes.

The bold parts I have done to draw attention to them..