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Concur 100%. When you look at net volumes from Apr 1-15 (where buy vol - sell vol) the top three are Pershing -4.2m which was the block trade we saw, Commsec -2.75m and Morg Stanley -1.6m.
So it is fair to say this is all nervous Nellie retail investors turning heels and not a big money move against the stock.

Today's move should probably be seen in context. The ASX 200 Resources sector was down 3.6% and so beta players such as SEH got smashed. Existing negative sentiment also played a part but with every tick translating into a +/-3% move for SEH it doesn't take much to register a big down day. Traded value was only just over $300k - nothing to write home about.

Discussion around SEH holders being overly optimistic on the stock trading higher is always within the context of a supportive broader market (i.e ASX going up). Don't think there is anyone out there that actually thinks that SEH should up as the market goes down.. is there?