He did not sell out completely and so has some bought earlier, as well as buying some new shares to (partly) replace those he sold for tax loss reasons presumably. His holding has still dropped from near 18 million to 9.4 million shares. As there are 3.6 million shares on the buy side at 1.2-1.3 cps he may still be hoping to pick up some shares below his sale prices which were up to 1.8 cps.
Ann: Becoming a substantial holder, page-5
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