sudden large volume, page-4

You may well be right Pickem.
Something just stopped it dead.

What else could cause a major shareholder to suddenly exit?

They announced the refinancing was done. Then said it wasn't.
I don't think they announced anything further in the financials. That does not give a good impression.
But I can't see it being an issue.
We can only assume the refinancing is held up while they sort out something that affects it - a cap raising maybe?

A cap raising might make it difficult for Trojan. That director must have split interests. Pity they don't have the money to buy him out.