Ann: Completion of BMCG Facility, page-421

You certainly are a massive pumper. How could anyone in the T40 possibly sell out a large position in recent times ? For two reasons;

1) The majority of the T40 are heavily invested, retail investors and associated family members of management. They need this to succeed and will hold in belief of the story for such time as until they can't. Nothing secure about that. Minimal Institutional holdings on the T40 register - in fact only numbers 6, 18, 26, 37 and 39 are institutional holders at a grand total of circa 24m shares (against the circa 310m shares held in the T40.) Less than 8% of the T40 register is institutional. So the interest in the stock from high value institutional client holds is minimal at best.

2) There is zero liquidity in order to be able to exit a large position for a retail client without the know how. Illustrated by BMCG's activity in selling many small parcels daily over a longer period of time. Most of your T40 (as many of you have described) - are Mum and Dad investors who sit and forget. Let alone know how to sell a large position without smashing the price.

So even if any T40 holder wanted to sell out - as 92% majority retail holders - they won't, based on the continued belief of success, they can't because of the lack of liquidity and they won't because of fear of tanking the price without the know how.