Ann: Ceasing to be a substantial holder, page-71

The feedback from company when I spoke to them; insto/fund holders were 'very happy' with H1 report. New strategy is in place and now just need to be patient on execution. They will report execution against the strategy plan in due time, probably before FY report.

I agree, I think this is retail holders and/or traders selling down. The insto/funds are set. No surprises in the H1 report to cause them to further sell down. They won't be necessarily buying more until they see good execution on plan. So retailers are selling into no demand and we see the result.