I wonder if sell-down of EIG has something to do with this:...

I wonder if sell-down of EIG has something to do with this:

"Under post-bid compulsory acquisition a bidder may compulsorily acquire
securities in the bid class on the same terms as under the bid, provided two
threshold tests are met:
(a) the bidder and their associates have relevant interests in at least 90% of
the securities in the bid class at some point during the offer period
(s661A(1)(b)(i)); and
(b) the bidder and their associates have acquired at least 75% of the
securities that the bidder offered to acquire under the bid, whether the
acquisitions happened under the bid or otherwise (s661A(1)(b)(ii))."

Whilst EIG had a shareholding of 12.25%, any prospective acquirer would not be able to compulsorily acquire SXY.

Perhaps EIG have become frustrated with the lack of drilling in FY18 / ID, and their sell-down is a signal that they are open to prospective bidders (hence going just below the 10% blocking stake).

Strange move otherwise...