They only became a substantial holder on 21/2/20 under an agreement with a Chairman related company IFIS. Can anyone understand what the agreement was? There was a repurchase agreement with IFIS that gave IFIS the right of first refusal to repurchase the shares if they were sold on market within a year (I think).
It is beyond my pay grade. I think the Chairman's company sold Arch/Nead shares under this agreement on 21/2/20 and presumably chose not to exercise its right to buy them back on 30/7/20 as no notice of change of the Chairman's holding has been lodged. Therefore someone independent of the Chairman has bought the shares. That is Arch/Nead sold the shares and the Chairman was not prepared to buy them back at over 16 cps. Widening the shareholder base is probably desirable.
We have no new substantial owner notice lodged so it is not clear who bought them, despite the trade being above 5% of share capital. Presumably sold to multiple holders, unless a substantial shareholder statement is lodged soon.
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