Ann: Application for quotation of securities - RNU, page-11

Challenging macros combined with absence of newsflow seem to be the likely cause of the sell pressure. Retail investors may well want to cash out some shares at this time of year, especially if they are on a handsome profit and have held for over 12 months to halve CGT. Some who bought in a year ago would be doing well out of selling down now.

IMO it isnt all bad if some longer term holders sell out now at a still quite early stage, as it reduces the number of early investors sitting on bags to sell. Newer investors with a higher entry price may make for a more solid base as we tick off more keys milestones.