Trading Week, page-2237

I suspect there's a bit of this going on. There have been some fairly significant transactions (in terms of volume) over the last week or. Currently sitting on the sell side at 14c are two significant transactions, one for 500k and another for 1 million.

I see these types of transactions as generally beneficial. If options holders (such as Richard Cottee) dispose of one million heads and convert two million or more options several things occur:

1. These already substantial holders increase their ownership of EXR in terms of heads holdings.
2. New share owners are being brought onto the register.
3. Rather than profit taking, the money raised from the market by the seller is being transferred to the company through the conversion into heads allowing the drilling program, and further exploration to continue.

Of course this will not account for all of the sell side, but no doubt there is an element of that going on.