I haven’t actually counted how many shares were sold. But the...

I haven’t actually counted how many shares were sold.
But the major reason these instos have gone below the 5% holding is
due to the issue of new shares, diluting their existing holdings.
That is, with now ~ 1000 million shares on issue,
they own less than 5%
Hence the notifications of ceasing to be substantial shareholders.
........
On a related matter.

GRB has increased the number of shares on issue to a very high level for a still small company.
So in the future they should not consider any more capital raising from issuing new shares.

Realistically, with their cash reserves and ongoing cashflow,
this should not be necessary anyway.
But for the next year or two they should concentrate on growing the business funded from
cash reserves, cash flows, and maybe loan funds.
And during this time to retain profits and not pay dividends.

And right now, to even pay a 1 cent / share dividend would cost > $10 million.

I do believe their 5 year plan is on track to deliver increased profits.
And I also believe they will be somewhere in excess of 3 times their
current price in the foreseeable future.

And as always, the major brewers would be continually running the
ruler over them as a possible bolt on acquisition to their existing
businesses.

So for me they are a hold/ buy.
And definitely a buy if they do happen to go below 10 cents.

All in my opinion
DYOR
Caveat emptor
bendigo