Ann: Ceasing to be a substantial holder, page-34

That's only Rolfs opinion. The way he sees it.
There's probably plenty more with a similar opinion.

Why would a Fund Manager buy into a company like this, at that time.
A company that look to have no hope, especially following Two failed ventures, that looked like Circus Acts.
A company that flip-flops from mining to non-mining, then back to mining. Back to their drilled out leases(drilled by someone else), that they haven't touched since they joined the asx.
Then, when there's a glimmer of hope, they sell.

Makes you wonder.