I've been watching PNP's trading patterns in both this stock and others around the time of their debt repayment NRs all year. It's pretty clear to me at least which houses they use and the volumes they generate when they need cash.

I've also looked at SEDI and correlated past insider sells by PNP to house positions in stocks on the days they filed their transactions. The numbers match almost exactly.

It's not a coincidence that Anonymous, Canaccord and NatBank pick up the selling pace after PNP indicates they will make yet another debt payment.

The liquidity doesn't just appear out of nowhere. The buyers are waiting in the wings. If you were a big potential buyer, why would you do any favours to PNP by bidding higher than necessary?

Case in point, over the last two days, there was over 100K on the bid at 1.25. Today, that was moved down to 1.20, as the buyers seemed to "know" that PNP would be selling more today.