run coming?, page-60

Maybe you are right - just checked the substantial shareholder disclosure rules - they would need to send a notice within 2 business days of any change over 1%...

So, presumably, it must be someone else who is not already a substantial holder (as they have no disclosure obligations until they reach 5%).

That could be good on two fronts - 1) it means that Grays have not averaged down and 2) there is another mysterious significant buyer about...