I'm not sure there will be too many on the sell side for a few...

I'm not sure there will be too many on the sell side for a few days yet. Mine aren't showing yet, and according to the entitlement timetable the 15th July is the Record Date and when the Rights Issue opens.

Any traded prior to then might be higher up the food chain.

I will be very interested to see what Ken & Ted do in relation to the offer - they need to each (Ted via his SMSF)come up with some big coin to participate. Full participation without any sell-down of existing holdings will be a big vote of confidence for KEY.

Maybe the structure of this offer had something to do with their own holdings - raise capital with no personal dilution.