Substantial Shareholders, page-35

Hi Samscout, nice work,the offloading of shares comes from comes from Pacific Minerals - Clement Ko see https://www.theadvocate.com.au/story/5689187/shake-up-in-grange-security-holdings/

Ko as well as most of the smaller investors were rightly pissed off with Management authoritarian style including this;

I am not worried or angry at all, I think the new management is doing fine," he said in recent days.
Grange said mining at Savage River and potentially at Southdown remained its priority, and the property scheme was a way to generate some extra cash.
"The board are looking at the optimal way to utilise the cash and earn a high return which down the road would enable us to sustain and reinvest in the Tasmanian mines or possibly the Southdown mine," a spokesman for the Grange board said earlier this week.

The divys seem quite good for a 27c stock but not so good if the stock was closer to its NTA of near 40c.....

On your suspicion of stacking on the sell side, one wonders why would they want to do this ? a takeover ? to save $$ for what develop southdown ? war chest for harder times ? syphon off some for property JV with friends ?