Ann: Ceasing to be a substantial holder, page-3

the following might explain a bit of their selling... they are running a managed fund that is closed-ended, not daily liquid. Clearly have had issues with clients wanting their money out last year.

http://www.merchantgroup.com.au/news/

"Let me unequivocally set the record straight – despite what you may be led to believe; Merchant Funds Management as the Investment Manager of the Merchant Opportunities Fund was faced with the following options in running this fund for the beneficial interest of all unit holders:
1. Close down the fund and distribute all cash and investment holdings amongst the 221 unit holders – akin to a game of musical chairs where a lot of unit holders will miss out on having a chair when the music stops – Value Destructive
2. Leave the fund as is and let it die a slow death in the similar vein to other investments – Value Destructive
3. Try and grow the assets with one hand tied behind our back (knowing tht at some stage Esplanade Property fund will be zero) - Value Protective/Accretive
We obviously elected Option 3 of the above being the lesser of all evils.  This has been an arduous, time consuming and costly task for Merchant Funds Management, however we are now very confident that we have not only preserved the value of your units but also have set the Fund on a course that we anticipate will allow you to realise the full value of the units in due course. "