Ann: Investor Presentation, page-85

The 30 Nov 'Mines and Money' presentation reported T20 holdings at 41.4%. The 4 May 2017 Investor Presentation reported T20 at 40%.

I checked with Tony this morning that the 4 May figure was contemporaneous (i.e. data was sourced from March and not the Annual Report) and he confirmed it was. He says the T20 has only varied by +/-1% over the past year.

My reading of this, if a major shareholder is in the process of exiting it's a recent development (i.e. within the last several weeks).

I'm actually skeptical this is the case, more likely the volumes are due to ST traders and bottom pockets flipping for a quick win