Yes and no. You have to look in the detail of substantial shareholder notices because they're legally obligated to disclose all transactions over the past x months, think it's three or four. So if you look at all change in or becoming or ceasing to be a shareholder notices from Macquarie, you'll see all buys and sells since and including IPO where they bought a huge stake. It's the last page for these Macquarie notices.
I haven't calculated the exact numbers to the second decimal, but you will find that Macquarie "sold out" to the point where they were below the 5% threshold of being a substantial shareholder and sold out some more thereafter. This was when the price was around the 30 cent mark and if you look at course of sales for each day you can see when they dropped their big orders on the market. Likewise you could see the 1,000,000 of shares being bought earlier in the week and a few more on Wednesday, I believe, which has taken them back over the 5% threshold so they have to disclose to the market.
In summary, I think Macquarie are long term holders of the stock but are "pumping and dumping" parts of their holding as it goes up because they know they can make a quick $100k or more while being in it for the millions that can be earned down the road. So I won't be concerned at this stage if Macquarie are selling out because its early days (assuming no materially bad news), but rather see it as an opportunity when Macquarie sells out big and other shareholders (retail and smaller institutionals) get scared and join the selling so you can pick it up some more shares for a lower price.
Separately, there may be some small shareholders selling this coming week to crystallise any capital losses so selling pressure may remain until 1 July.
DXN Price at posting:
26.0¢ Sentiment: Buy Disclosure: Held
