buyer consistant , page-8

Agree

Low volume today (compared to Wednesday and Friday when the big buyers jumped in), so perhaps a few traders noticing the movement and dabbling and some getting burnt.

Just on the numbers I quoted the other day, exactly where this NZ connection stand is confusing to understand, but as you mentioned the next Significant Holders update will join some dots.

The recent $4m raise was fully sold to two entities - as per the MLA release:

"Windfall (NZ) Trust and Walker Group Holdings have subscribed for 10,000,000 shares each. Walker Group Holdings
is a company owned by Mr Lang Walker, an existing 2% shareholder in MLA through an associated entity."

But when one looks at the Windfall Trust Substantial holder notice (Ogilvie & Talijancich), this was on Walker letterhead...obviously some sort of relationship there.

So Walker shows to have 10.86% holding from his earlier 2.4% plus recent 9.78% purchase, plus these other holders and their recent 9.78% purchase. Total almost 22% holding.

We know also that the Fay family has sold down 10.5% (they'd be somewhat annoyed) in the last week, much of which might likely have been snapped up by one party.

Pie Funds name has popped up and is a recent purchaser - possibly involved in the above.

So over 30% of shares (including new issues) have changed hands recently.

Next step might be to understand the kiwi connection further and sit back and wait for some business news to trickle in and to reinforce and justify the SP, or perhaps trigger some more buying.

Time will tell on various questions.