I guess the sellers are simply shareholders who have been reading Hot Copper who believe there is a risk that that the Scheme will be voted down. If you had the view that the Scheme was going to fail, then of course you would sell, as the share price will fall further and you can buy back afterwards.
It would not be Macquarie selling. They would be squeaky clean until the Scheme process is out of the way.
I actually think Macquarie are hoping the Scheme fails now, as they would see the division between the shareholder groups and be licking their lips at the prospect of buying whatever assets they want from a receiver. What a mess!
CTP Price at posting:
14.5¢ Sentiment: Buy Disclosure: Held
