Why wouldn't Forager buy when other instos are selling down...

Why wouldn't Forager buy when other instos are selling down hard? For large investors that may be the only time there's enough liquidity to absorb the magnitude of their order.

In terms of their revenue, I wouldn't include trailing asset movement, its not a typical revenue item, and RC isn't finished yet, what if they ban all forms of outbound selling? Their business model is entirely dead, and if they ban grandfather commission, expect a massive wrote-off to Spectrum.

In terms of cash, I'm 99% certain that will be some kind of one-time restructuring expense, reducing cash substantially, they're engaging a bunch of consultants and those are cheap, not to mention the redundancy cost with letting go of staff... And there may be a fine in the horizon, ASIC is under pressure to do something to prove they're not irrelevant.

Any of the above may quickly change the sentiment. Imo.