Maybe the combination of a perfect storm of a bunch of things ... just guessing...
1. Market down big-time overall apparently because of Mr. Trump's financial plans for USA. (?)
2. Maybe investors taking a good opportunity to tax-plan before EOFY.
3. Manipulation by big holders in preparation for DRP buy-backs.
4. No confidence in VTG because of lack of any useful information about future plans coupled with apparent lack of any visible financial benefits from recent acquisitions.
5. Borrowing, despite (apparently) up-beat performance announced earlier this year.
6. Fear-selling that all the above creates.
7. Sale of shares after confirming divi on holdings.
... and others ... feel free to add.
On the plus-side.
1. Big holders-in-the-know have purchased at much higher SPs than current and will want to see a return.
2. VTG business model relatively secure.
3. Up-beat financials in line with announcement earlier this year.
4. BOD and instos heavily invested and instos mostly under water right now.
5. For every sale there's a buyer.
BTW - yesterday's 1.5 mill turnover yesterday (Wednesday) included a single trade of about 500k around close.