Ann: Ceasing to be a substantial holder, page-38

That's based on your circumstances. There's always a multitude of reasons for selling a stock. A few on here were saying the share price would bounce after the HY report. That didn't eventuate. Many were in it looking for the bounce. Others have now had to go from a short-term hold to a medium-long term hold because they got it wrong. That ties up capital that could be better utilised elsewhere. Looks like the result was enough to tip Adam AM over the edge.

101 of investing/trading is realising when you make a wrong call, cutting your losses and moving on. No point holding on, perhaps forever, waiting for a turnaround that may or may not occur. No one gets every call right. It's about minimising losses on the bad calls.

Yes, you will no doubt say that it can't possibly go much lower. However, that's what was being said many multiples above current levels. No one knows how low it may end up going.