Gareth, perhaps they were US venture capitalist seed investors, hoping for a US-based IPO, but it got listed in Australia instead.
How attached would you feel to shares in a company that then moved your share holding to Singapore or India or something! That's probably what an Australian listing feels to them... hard to monitor the share price and story and talk other funds into buying their stake.
I'm just guessing here... be good to check the escrowed holders shareholdings post-the 12 month and 24 month escrow lifting.
349, page-26
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