I think the chances are better than not that the seller is Xcel...

I think the chances are better than not that the seller is Xcel capital.
This from the prospectus for the 1c loyalty option issue on 14th November last year:

5.7 Lead manager Xcel Capital Pty Ltd (Lead Manager) has been appointed as Lead Manager to the Offer. The Company has appointed the Lead Manager to place any shortfall of Options offered to Shareholders. In consideration for its appointment, the Lead Manager (or its nominees) will receive:
(a) a management fee of $25,000; and (b) 4,500,000 Options on the same terms as offered to Shareholders under the Offer, including an issue price of $0.01 per Option.

This was on a pre-split basis:
6,189,938 options issued at 1c
1,435,063 option shortfall ... which looks to have been placed as per the 3b
4,500,000 issued to Xcel
6,189,938 +1,435,063 + 4,500,000 = 12,125,001

12,125,001 options issued.

Post split those 4.5m options of Xcel are now 32,915,001 and at the last sale price of 10c are 46.2 baggers! Little wonder the seller is happy to keep up supply.

>32m options takes a while to get rid of ...

Approximate volume post split (30th May) 8,401,674
Approximate volume pre-split 5,776,022 (26,932.373 post split basis)

Total volume on a post split basis 35,334,048

So assuming that every sale was Xcel, they should just be about out!

One would think that very unlikely as many other participant (including me) took 50+ baggers back on the 30th May this year.

I'd guess Xcel have about half their oppies still to dispose of ... so I'm back in the queue

Off to do some real work now after that 45 minutes of research
Have a great day all,
Perdy