Ann: Top 20, page-10

The register was one of the companies greatest assets but now it looks like a liability.  With the top 2 owning so much an explanation is warranted for the selling. Do a bit of digging and Matthew Walker (signed the change of susbstantial holding form for tmts largest shareholder) is managing director of Cicero Group who did the IPO.  Ian prentice also works for Cicero so it seems the selling is directly related to the MD.  Very poor look and should be explained.  

 They have flooded the register with retail investors looking for a quick buck and not one reputable fund has joined in that time.  you can see why AVL commands a premium.  An impossible task in the short term to get the share price back to where it was.