I really don't think you can draw any assumptions in regards to...

I really don't think you can draw any assumptions in regards to a company, when a fund owns shares in the business (depending on the quality of the fund). Institutional money is key to getting the vast majority of projects off the ground. Blackrock own positions in a significant number of Australian listed miners, both pre and producing assets. They had been selling down a number of positions last quarter, perhaps to lock in gains for the qtr end?

I note they sold circa 800,000 shares in SFX during September alone (as per the Iress top#20 movements) and were also trimming in OKU. They may choose to do this for a number of reasons, once licenses are granted, pre the company being fully funded, expecting they may be asked to write a decent cheque, should the company wish to raise money via the equity market vs find a suitable project partner.

Comparing SFX to AVB is like apples to coconuts, different commodities, jurisdictions, feasibility economics. Iam sorry, but i don't see your point.