So what's happening., page-83

Had a look at the top 20 as of August 2016 in the annual report, which for some reason won't copy. Once you get below the first few director holdings, the logical seller would be the former Liberty Resources boss Andrew Haythorpe who had 10m. Then there were 22m at HSBC custodians and 12m at JP Morgan, which would include some of the Asian Technology funds that participated in the original prospectus at 3 cents. This is also the time of year for some trustees to change investment managers, and for clarity on investment performance, the whole portfolio is sold to cash prior to transfer to the new manager(s) and I suspect CNW is currently a victim of this process. It looks to me like a combination of selling reasons all bearing down on the share price. I'm still accumulating.