Is it possible that PNP sold their warrants off to a large player who is driving the price down to dislodge as many retail shares as possible (by tripping stop losses), while buying up more than they sold into the bid to spook the sellers? this might be cheaper than doing a cross trade (or an alternative if one could not be arranged) and they would merely pile more shares on into a truly "institutional" stake once they exercised the warrants?