Some very valid points @seachange2 Iam also hearing that the...

Some very valid points @seachange2

Iam also hearing that the insto seller that was exiting their position on market (had been selling since the previous CEO was turfed from 14c to 2c) is now done. They were just under the 5% substantial notice requirement, so don't expect to see a change in holding notice lodged.

Fund managers always need to justify to themselves why they need to hold a position and can be ruthless when they choose to exit. You really can't blame them with all that's gone on in the business over the past 5 months. Even though this such position may have been relatively large in terms of a holding on the MEB register, it represents less than half of a percent of the total fund. Easier for the fund to sell out and clean up the red on the book, rather than hold on for another 12mths for an improvement.

On that note, it's worth commending Regal and Fidelity for choosing continue to hold their exposure and increase their positions via the convertible note and rights issue. They could of very easily chosen not to participate and seek an exit. It's all well and good having fund managers on the register and they are great until they decide not to be there. Unfortunately the remaining shareholders of MEB have had to suck it up and take it during this period.

So with the lack of hot money being able to participate in the convertible note instrument and existing shareholders given the rights issue to consider, one can reasonable expect that the share price should start to move more freely (north) as the new management start to deliver.