Well, at least we now have a partial answer to who was selling...

Well, at least we now have a partial answer to who was selling on Monday.

Quad Holdings and Sound Investments, shown together as holding 15.7% of JMB (or 6.5M shares), have this afternoon advised the ASX of a change in their substantial shareholding position.

Quad's position has now reduced to 13.6%, or 5.9M shares, for a net reduction of 600K. This included 460K shares that were sold on Monday, with a further 25K sold on Tuesday.

What has not yet been accounted for has been the other major seller whose activity was evident on Monday (ie: a further 400K in shares traded).

The likely buyer of the shares will also be of interest, as it could well prove to be Loucas (at least based on past trading activity /behaviour).

What is not so certain is why Quad, after all these years of having previously controlled JMB (at least in its former QMM and JBK days), or at least until August 2003, would now become a net seller.

If, however, a takeover were in the off'ing, it is doubtful that Quad would be wanting to sell.

Perhaps, then, more of a changing of the guard?

So, who amongst the Top20 are now selling out their positions?