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Writer, for what its worth, I think the market is telling us the following:
I believe that those large shareholders that took part in the April placement and who were already long have finally finished re-weighting their portfolios back to market weight.
If you notice, both Equity Trustees and Thorney have come back to approx their previous weighting pre placement. The reason you wont see the other major participants of the placement doing the same things is that they are not funds and therefore dont have that requirement eg Bendigo Bank, FCP Brencorp, Maquarie Payment systems. But, I hear you cry, HHL IS a fund. Yes, they are, but thier mandate is somewhat different to other funds, allowing them to take larger positions in longer term plays for their clients....which is why, possibly, they continue to constantly outperform their peers.
Just a thought.