Ann: Change in substantial holding, page-4

Yes...but it looks somewhat odd to me.

The Republic fund bought 29.8 million shares, when they already had 295.5 million shares...the only reason I can imagine is that one of the fellow top shareholders needed cash and for whatever reason, could not find a buyer in a hurry. So they turned to Republic.

Then they turn around and sell 8 million shares at the same price. But I am scratching my head on this one. All the brokers will claim that BRL suffers from being an "illiquid" stock...and call us if you know of any blocks. Here, we have a block of almost 30 million shares...and the seller could not find another buyer and had to turn to Republic?

I looked up the annual report to see who may have 29.8 million shares...but in the 2017-18 annual report, there is no list of top shareholders at all. Strange.