Probably stale hoders. They could get a 50% return that would be good if they had held even for 4 years.
It might also mean that they have a fair expectation FML could seriously re-rate and don't want to miss-out chasing price.
With 180m-ish shares 1m isn't enough to worry about if FML gets a head of steam, especially as almost half of them are owned by Shandong.
Ann: Operational Update, page-15
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