Hi Steve,
Usually when multiple top 20 sell out, its a worrying sign - IMO.
I for one hope not, as I really think the business model stacks up, and seems to be going in the right direction.
However, it is a cause for concern when so many top 20 holders reduced their holding. Maybe if we could discover when they offloaded (ie if it was high in the teens then you could rationale as profit-taking and free carrying, if it was recently it could be due to the business performance) it would provide an indication?
Ann: Annual Report to shareholders, page-34
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