I agree with you on the fact that they are only becoming and ceasing to be a shareholder by a minimal difference, as opposed to trading in and out of their full holdings, however there has to be some method to there madness, and obviously they are trying to take advantage of the situation by buying in and selling out at certain times.
I have only had a brief look, but have you done any analysis on their buy / sell patterns, or anyone else for that matter.
SDL Price at posting:
23.5¢ Sentiment: None Disclosure: Held