montgomery's intrinsic value is $11.13 !!!, page-14

A query with RMs' IV is that I can't identify his trades. In May 2010 Acorn B 5,9% for $8m (@$1-94). They increased their holdings to 7,45% a year ago and have been selling since, such that at 28 Feb 2011 they held 3,612,532 shares at avg cost of 0,31c and we don't know what they have done since, but history would indicate they have been selling, and perhaps keeping the price down.
The issue of RM IV is that 5% of MCE would have cost between $4m and $18m depending on your timing over the past 18 months, which is about when I can find RM identifying this as an A1 stock (Pls correct if I am wrong). RM is on record stating he is a high conviction investor, and happy to put his fund into few shares, mentioning 2 or 3 counters. Lets assume 5, and that equal amounts are invested in each. To my reckoning this implies either RM has less that $50m FUM or that he has not been putting his money where his mouth is. MCE is 40% held by directors, and appears to have no other holder greater than 5%. Even the placement in April was 4,9%, so it could have been placed to 1 party without ann. R my assumptions wrong? If not, and this is RMs favourite stock at a 40% disc to his value, why is this?