change in holding, page-30

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Its a good question. A couple of possibilities on who could be buying:

Hedge funds bought HEAPS on the takeover announcement and are churning for a few cents gain on large volume.

JP Morgan or other brokers are buying on behalf of someone to build a blocking stake.

Or .. a broker buiying on behalf of STO although that may not technically be above board.

A third party or parties are buying in.

Who is selling? That's a harder question, unless tyhere is afair bit of churn. Otherwise it could be the instos that bought at the last placement at 84. But why wouldn't they hang on for the upside like the rest of us?

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