Heads up, page-201

So in regards to the placement shares, 137M issued at 1.2 and commenced trading on 18 June 2015. Those shares have been in profit since day one (price has not traded under 1.3).

Total volume since that day 222.2M shares. Average daily volume 5.5M. In the six months prior to placement, average volume was 1.9M. If you assumed all of the difference in the average daily volume was placement churn, it would've churned over well in excess of the placement shares - 198.2M. There's obviously a retail aspect to the recent  volume too so this is probably overstated.

However, I'm confident the placement volume has just about churned through.

From the broker data above (thanks @accaeric) - it looks like Pershing, D2MX, Virtu and Ord Minnett may still be flipping placement shares (all around 2c average sell price). Pattos and others look to be accumulating at this level.