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Jake

I just saw your post now. I had a good look at this at the issue of the last SSN. Because of the heavy use of nominee companies, the Top 20 list is rarely used for any real assessment of holdings nowadays.

From the SSN, it looks to me that it is MBL selling and not the MIMAL (Funds management arm). If you look at the final page of the 17 Oct SSN, you can clearly see the breakdown of the sales and it is MBL, not MIMAL that is doing the large selling.

Also remember that the group needs to issue one of these every time they alter the holding by more than 1% (if they are over 5%), so they don't seem to me to be "dumping" the stock, but it is obvious that the sales have resulted in a share price step down.

Whilst McBank has a strong hold on this business, with equity, debt, gas sales and JV partner at Mereenie, the business looks to me to be getting into a good position. Post the CR, we have had the drilling commitments firmed up, the gas market continue to tighten and now 2 very high calibre directors appointed to the board. The drilling will happen in early 2018 and if they get positive results, I think you will see meaningful progress and hence some long awaited share price appreciation.

I have been buying this as prices retreated under 10 and am happy with my investment and the positive outlook for the business.

I hope this helps. DYOR

AL