I'm not so sure, from what I hear, Perennial's small cap funds are in strong inflow. Perennial is very much independent of IOOF and has been for years. I wouldn't be surprised if IOOF sold its stake given it's recent divestment of Ord Minnett.
It would be interesting to see if Perennial keeps selling from here. There was a time gap in the sales and the magnitude doesn't suggest a dumping. Maybe they just found better relative value for the time being.
MLX Price at posting:
23.5¢ Sentiment: Buy Disclosure: Held
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