Here's some updated numbers re Ares and their selling I've...

Here's some updated numbers re Ares and their selling I've totalled via Amibroker:

- Since 1 Sep 2017, the re-cap implementation (or very close to), total ASX turnover volume is 5.1B

- On 27 Sep 2018, the date of Ares last Change in substantial holding (ann date 4 Oct 18), they held 2.5B. From that date until today, total ASX turnover volume is 550M. If we assume another 500M on Chi-X that leaves Ares with about 1.5B

Ares are starting to get dry, which is a good thing. If we assume Centerbridge want a TO then they shouldn't start selling. I did wonder whether it's Centerbridge buying up all the Ares shares (to further their TO cause) but there's been no Change in substantial holding provided by them and I'm not sure they would be allowed to given their current equity stake.