My recollection is that the single seller was > 2.7mill at the beginning of the day. That single seller stayed there all day gradually reducing, selling 1.358 mill in total at $0.06. According to the top 20 list from 02/Feb there were only 3 entities with that number of shares in a single holding. Abbottsleigh (No 2) is the Chairman's holding and as the Directors have confimed that will take up the offer it is not likely to be them. That leaves Alliance (No 1) and JPMorgan Nominees (No 3). I wouldn't imagine it would be Alliance as the Chairman is also involved on this Board as a Non Exec and I assume they would not want to be diluted, which leaves.....
The no of shares traded may trigger a reduction in substantial holding notice so we may see for sure in a few days. The balance was gone after market so it may have just been a "good for today" sale. I'm not sure there is anything unusual here, perhaps one of the Nominees freeing up some cash in preparation to take up their rights?
ORS Price at posting:
6.0¢ Sentiment: LT Buy Disclosure: Held
